2023-03-09 07:46:09 ET
JPMorgan Chase ( NYSE: JPM ) has sued Jes Staley, its former head of private banking, alleging that he's responsible for the bank's ties with convicted sex offender Jeffrey Epstein, according to several media reports.
The Wall Street bank alleges that Staley, who later became Barclays ( BCS ) CEO, knew about Epstein's crimes. It's seeking to claw back eight years of compensation — from 2006 through 2013 — from Staley, an amount exceeding $80M, Bloomberg reported.
JPMorgan ( JPM ) also argued that Staley should be responsible for any payouts in two lawsuits accusing the company of aiding Epstein's crimes. Staley's attorney declined to comment about the filing to Bloomberg. The banker has denied knowledge of Epstein's crimes.
Late last year, the U.S. Virgin Islands and a group of alleged Epstein victims sued JPMorgan ( JPM ), saying it enabled his crimes. The bank helped helped to manage Epstein's assets for year, even after a guilty plea in 2008 to soliciting a minor for prostitution.
The suits contend that JPMorgan ( JPM ) knew or should have known about Epstein's behavior but still kept him as a client, Bloomberg reported.
Staley had stepped down as Barclays ( BCS ) CEO in November 2021 following an investigation into his relationship with Epstein.
In 2021, Apollo Global Management ( APO ) co-founder Leon Black, also known for his ties with Epstein, stepped down as chairman of the private equity firm , after Apollo's investigation found no evidence that Black was involved in any of Epstein's criminal activities.
For further details see:
JPMorgan sues former exec Jes Staley over ties to Epstein - reports