JPMorgan sues Jes Staley, says he ‘concealed’ Epstein ties

Jes Staley and Jeffrey Epstein (Staley photo by Evan Agostini/Invision/AP, File; Epstein via DOJ)

JPMorgan has sued its former senior executive Jes Staley, claiming that he “concealed his personal activities” with Jeffrey Epstein and exposed them to potential liability.

Shortly after the filing of the lawsuit, a federal judge turned his attention to the bank’s most senior executive: CEO Jamie Dimon, granting a motion for the Virgin Islands government to scrutinize his possible ties to the Epstein matter.

JPMorgan insists that Dimon never made any decisions related to Epstein’s account, but that Staley may have inappropriately exposed them to liability.

Senior U.S. District Judge Jed Rakoff, a storied foe of powerful Wall Street figures, rejected JPMorgan’s arguments about Dimon, largely without explanation in a short, handwritten ruling.

“Served his own and Epstein’s interests”

Staley, who is Barclays former CEO, has been dogged by scandal regarding his relationship with Epstein. He once served in top JPMorgan positions — leading its asset management and investment banking businesses — and then, he resigned from Barclays amid scrutiny of his 1,200 emails with Epstein that suggested the pair had a cozy relationship.

Some of those messages spilled into the public domain as the Virgin Islands has pursued a lawsuit seeking to hold JPMorgan liable for “complicity” with Jeffrey Epstein.

JPMorgan Chase (JPMC) insists that, if the allegations are true, Staley left them in the dark and “served his own and Epstein’s interests.”

“While JPMC held discussions regarding Epstein, Staley was apparently in regular contact with Epstein,” the bank claims in Wednesday’s lawsuit, adding that the executive “never disclosed to anyone” the alleged conduct that filled the Virgin Islands lawsuit.

The megabank, which is the largest in the world by market capitalization, does not detail those allegations explicitly in its complaint, except by reference to the Virgin Islands government’s claims.

On Feb. 15, 2023, the Virgin Islands unsealed some of those blockbuster revelations.

“Between 2008 and 2012, Staley exchanged approximately 1,200 emails with Epstein from his JP Morgan email account,” the government’s lawsuit alleges. “These communications show a close personal relationship and ‘profound’ friendship between the two men and even suggest that Staley may have been involved in Epstein’s sex-trafficking operation.”

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