Good morning. JPMorgan Chase has agreed to pay as much as $290mn to settle considered one of two lawsuits over its 15-year relationship with Jeffrey Epstein. The lawsuit accused the financial institution of making the most of human trafficking by ignoring a number of inside warnings about its former shopper’s intercourse crimes.
The settlement got here simply hours after a federal decide dominated that the case, initially introduced by a single Epstein accuser below the pseudonym Jane Doe, would be widened to include dozens of women who declare additionally to have been abused by the disgraced financier.
JPMorgan has not admitted any legal responsibility. It declined to touch upon the dimensions of the payout, which was confirmed by Doe’s legal professionals. The settlement has but to be authorised by a federal courtroom in New York.
The financial institution continues to be dealing with comparable allegations in a separate authorized problem from the US Virgin Islands. JPMorgan has additionally sued Jes Staley, considered one of its former senior executives, in an effort to make him accountable for damages it might face over the Epstein claims.
“Taken collectively or individually, the historic recoveries from the banks who supplied monetary companies to Jeffrey Epstein, communicate for themselves,” David Boies, a lawyer for the accusers, stated in a press release. “It has taken a very long time, too lengthy, however right this moment is a superb day for Jeffrey Epstein survivors.”
Right here’s what else I’m protecting tabs on right this moment:
5 extra prime tales
1. A former government at Samsung Electronics has been arrested and indicted in South Korea for allegedly stealing the chipmaker’s expertise with a view to construct a copycat plant in China. The indictment of the 65-year-old Korean nationwide comes as South Korea makes an attempt to beef up its defences towards a concerted marketing campaign by Chinese language firms to accumulate cutting-edge Korean applied sciences.
2. The chief executives of Goldman Sachs and Morgan Stanley stated they had been seeing “inexperienced shoots” of their struggling funding banking companies, which applied large-scale dismissals as increased rates of interest damped exercise. After a number of quarters of falling funding banking revenues, Goldman’s David Solomon and Morgan Stanley’s James Gorman said the environment was showing signs of improving.
3. Italy’s former prime minister Silvio Berlusconi, the billionaire media magnate-turned trailblazing populist, has died aged 86. Berlusconi was Italy’s longest-serving postwar prime minister whose stints in workplace had been marked by legal investigations into his enterprise affairs and intercourse scandals. Learn extra on the politician who’s inescapably linked to economic decline and generally woeful requirements of public life.
4. 5 of probably the most senior Credit score Suisse executives left simply hours after the UBS takeover of its Swiss rival. Amongst these leaving are chief monetary officer Dixit Joshi and common counsel Markus Diethelm. Here are more details on the departures.
5. The Dutch authorities plans to vet worldwide college students after universities barred some Chinese language postgraduates from prime expertise levels over fears they may very well be a danger to nationwide safety. The transfer is the newest signal of a stricter stance from EU nations on perceived threats from Beijing after many years of openness.
Information in-depth
Russia’s browbeaten opposition gathered in Brussels to plot a path again to democracy final week. With Vladimir Putin’s fundamental rivals in jail or exiled, there was a lot squabbling about how you can transfer ahead. However the warfare in Ukraine has deepened current rifts reasonably than uniting Russia’s liberals. Although the EU had hoped to convey them collectively, the splits were yet again on display in Brussels.
We’re additionally studying . . .
Chart of the day
Chinese language tech teams are struggling as overseas traders promote shares even in profitable internet giants such as Tencent and Alibaba. Abroad traders are backing off because of rising tensions between Beijing and Washington and China’s unsteady post-Covid financial restoration.
Take a break from the information
What’s the easiest way to see Venice? As captain of your individual ship. To flee the crowds of vacationers, FT travel editor Tom Robbins sailed a live-aboard rental boat to discover Venice and its lagoon. The voyage led to unplanned delights and moments of blessed solitude.
Extra contributions by Tee Zhuo and Gordon Smith.
