JPMorgan Chase has reportedly agreed, as confirmed by an informed individual, to pay approximately $290 million to settle a class action lawsuit filed by victims of Jeffrey Epstein. This settlement effectively resolves a substantial portion of the legal disputes arising from the bank’s association with the disgraced financier.

On Monday, the largest U.S. bank said in a joint statement with the lawyers for the woman who sued JPMorgan Chase (NYSE:JPM) that it had agreed in principle to settle the class action lawsuit.

JPMorgan Chase, while agreeing to settle, did not admit any wrongdoing. The bank’s decision to settle was made without accepting fault, as per the same source who spoke anonymously.

“Any association with him (Epstein) was a mistake and we regret it,” JPMorgan said. “We would never have continued to do business with him if we believed he was using our bank in any way to help commit heinous crimes.”

JPMorgan Chase continues to confront a lawsuit filed by the government of the U.S. Virgin Islands, where Epstein was the owner of two adjacent islands and allegations of victim abuse in his mansion had surfaced.

JPMorgan is accused of disregarding internal warnings regarding Epstein’s sexual abuse of girls and young women.

Despite his arrest in 2006 on prostitution-related charges and a subsequent guilty plea two years later, JPMorgan maintained Epstein as a bank client from 1998 until his removal in 2013.

JPMorgan’s litigation against its former executive Jes Staley, who it accuses of concealing what he knew about Epstein, is continuing.

Staley has expressed regret for his association with Epstein but has firmly denied any awareness of Epstein’s involvement in sex trafficking. As of Monday, his lawyers had not responded to the request for comment.

DEUTSCHE BANK SETTLED SIMILAR CASE

Last month, Deutsche Bank (ETR:DBKGn), which had Epstein as a client from 2013 to 2018, reached a settlement of $75 million in a lawsuit filed by women who claimed to be victims of Epstein’s trafficking activities.

Sigrid McCawley, the lawyer representing Jane Doe 1 in the JPMorgan lawsuit, stated that the settlements indicate financial institutions’ important role in detecting and stopping sex trafficking.

Epstein died in August 2019 at 66 in a Manhattan jail cell while awaiting trial for sex trafficking. New York City’s medical examiner called his death a suicide.

The settlement partially resolves a rare public relations imbroglio for Jamie Dimon, who has been JPMorgan’s chief executive since 2006.

Dimon testified under oath in May that he had barely heard of Epstein until his July 2019 arrest, and did not recall discussing Epstein’s accounts with other bank officials, including those authorized to terminate Epstein as a client.

Staley was once a close Dimon ally and considered a possible successor as CEO.

Dimon said he asked Staley to leave JPMorgan in 2013, before Epstein’s termination as a client, because he was not running its investment bank well. Epstein was not a factor in Staley’s departure, Dimon said.

Documents disclosed in the lawsuit showed that former JPMorgan counsel Stephen Cutler had asked the bank to cut ties with Epstein, but other executives resisted.