JPMorgan CEO Jamie Dimon to deal with concerns in Jeffrey Epstein matches

NBC archive footage shows Trump partying with Jeffrey Epstein in 1992

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Jamie Dimon, CEO of JPMorgan Chase, affirms throughout the Senate Banking, Housing, and Urban Affairs Committee hearing entitled Annual Oversight of the Nations Largest Banks, in Hart Building on Thursday, September 22, 2022.

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JPMorgan Chase CEO Jamie Dimon can be questioned under oath for as much as 7 hours over 2 days in depositions for federal suits implicating his bank of complicity in sex trafficking by its late customer Jeffrey Epstein, a judge stated Tuesday.

Dimon can be questioned for a combined overall of 5 hours by legal representatives for the U.S. Virgin Islands and an Epstein sexual assault accuser, who are the complainants in 2 different matches in Manhattan federal court, Judge Jed Rakoff stated throughout a telephone conference with legal representatives.

The JPMorgan CEO can be deposed individually for as much as 2 hours by legal representatives for Jes Staley, previous chief of financial investment banking at JPMorgan, Rakoff stated, according to a court docket entry.

The judge stated he may allow the depositions to surpass the time he has actually at first reserved.

JPMorgan has actually argued that Staley, and not the bank, is lawfully accountable for the matches associated withEpstein The bank took legal action against Staley last month, declaring he hid his “inappropriate relationship” with Epstein.

Dimon’s depositions will not occur up until May, a source acquainted with the case informed CNBC. They more than likely will take place in New York City, the source stated.

The bank competed Tuesday that questioning Dimon would not yield beneficial info.

“The plaintiffs’ counsel know our CEO has no relevant knowledge, but persist with this media stunt,” JPMorgan stated in a declaration.

“A review of more than two decades of emails and other documents makes it clear that he had no involvement with Epstein or his accounts. He does not recall ever meeting, speaking or communicating with him,” the bank stated.

Rakoff last month declined JPMorgan’s demand to dismiss the suits submitted by the Virgin Islands and the Epstein accuser. The lawsuits declares the bank intentionally gained from taking part in Epstein’s sex trafficking.

Epstein, a previous pal of ex-Presidents Donald Trump and Bill Clinton, together with Britain’s Prince Andrew, was a JPMorgan customer from 1998 through2013 He eliminated himself in a Manhattan federal prison in 2019 while waiting for trial on criminal kid sex trafficking charges.

The Virgin Islands’ claim declares that the bank “facilitated and concealed wire and cash transactions that raised suspicion of — and were in fact part of — a criminal enterprise whose currency was for the sexual servitude of dozens of women and girls in and beyond the Virgin Islands.”

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“Human trafficking was the [principal] service of the accounts Epstein preserved at JP Morgan,” the fit states.

During a March 16 court hearing, a legal representative for the Virgin Islands informed Rakoff that both Dimon and Staley had actually know Epstein’s sex trafficking while he was a consumer.

“Jamie Dimon knew in 2008 that his billionaire client was a sex trafficker,” the lawyer, Mimi Liu, stated at the time. “If Staley is a rogue employee, why isn’t Jamie Dimon?”

“Staley knew, Dimon knew, JPMorgan Chase knew,” Liu stated.

A court filing launched Wednesday points out a deposition by Mary Callahan Erdoes, who ended up being head of the bank’s property and wealth management department in 2009.

Erdoes “admitted in her deposition that JPMorgan was aware by 2006 that Epstein was accused of paying cash to have underage girls and young women brought to his home,” according to the filing by legal representatives for the Virgin Islands.

Erdoes affirmed that the bank just dropped Epstein as a customer 7 years later on, after she discovered that the 10s of countless dollars he was consistently withdrawing from his account were for “actual cash.”

— Additional reporting by CNBC’s Eamon Javers

Correction: Mary Callahan Erdoes ended up being head of JPMorgan’s property and wealth management department in2009 An earlier variation misstated the year.