By Matthew Russell Lee, Patreon Maxwell book
SDNY COURTHOUSE, Aug 31 – J.P. Morgan Chase and Deutsche Bank were sued for their enabling of Jeffrey Epstein, in lawsuits filed on Thanksgiving 2022 in the U.S. District Court for the Southern District of New York, where Inner City Press found them in the docket. Then the US Virgin Islands joined in against Chase
With the Epstein victims' lawyers moving to settle, USVI continues. On June 29, Judge Jed S. Rakoff granted JPMorgan Chase's request to depose USVI Attorneys General by July 14.
On August 31, Judge Rakoff heard oral argument from USVI and JPMorgan Chase, Inner City Press was there, thread:
Judge Rakoff asks how Virgin Islands can get compensatory damages
USVI's lawyer: We seek to enjoin JPMorgan --
Judge Rakoff: From banking Jeffrey Epstein? He's...
USVI: From violating the law. Absent Jeffrey Epstein's death, Chase would still be violating the TVPA.
USVI: JPMorgan is a repeat offender. Judge: Lets hear from them. JPMC lawyer: Their damages are not linked to their alleged harms. Judge: What about punitive damages?
JPMC: The statute thry're using came after the harm they're alleging. No damages are available to them in this case. Judge Rakoff: They say Chase neglected to file SARs in order to enable Epstein... [Q: Why did the US give First Republic to the JPM Chase?]
Judge Rakoff: It may be USVI can get injunctive but not compensatory relief... If I approve the Doe settlement, the class is well compensated. USVI: The NYSDFS fined Deutsche Bank for its business with Epstein. [Cites Frito-Lay case. Again.]
Judge Rakoff: Maybe this would not be a jury trial... Only in my nightmares do I see this as a bench trial. [Counsel laugh politely. Judicial humor.]
USVI lawyer: Congress in the TVPA intended to enlist the help of the states. And here we are. Private settlements cannot block governmental action. Epstein was able to hide out on islands far offshore near St Thomas.
JPM Chase lawyer: This was not the intent of Congress. All have are some snippets of floor statements
Judge Rakoff: If the trial goes forward, it'll start Oct 23. I'll rle on these motions by the end of September, if not before. Adjourned
On July 26, Jes Staley filed with Judge Rakoff to make JPM Chase give him more discovery: "Dear Judge Rakoff: As this Court has already ruled, because JPMorgan seeks to hold Jes Staley liable for its $290 million settlement with the Jane Doe class, the bank must provide discovery regarding that settlement, including “documents relating to causation of the settlement (specifically, going to [JPMorgan’s] motive for settling).” July 7, 2023, minute entry. To date, however, the only materials JPMorgan has produced in response to the Court’s order are a limited number of communications concerning media coverage that say little, if anything, about the bank’s motives. It has produced nothing else." Full letter on Patreon here.
On August 9, Judge Rakoff docketed: "ORDER: Oral argument on the competing and voluminous motions for partial summary judgment filed by the Government of the United States Virgin Islands (Dkt. 217) and the JPMorgan Chase Bank, N.A. (Dkt. 222), which is currently scheduled for August 18, 2023, at 4:00 P.M., is hereby re-scheduled to August 31, 2023, at 4:00 P.M. (Signed by Judge Jed S. Rakoff on 8/8/2023)."
On August 14, the SDNY Part 1 judge for the week, docketed that "a telephonic conference without transcription or recording was held on August 10, 2023, in the above-captioned matter during which counsel for all parties were present. The Court has agreed to stay the deadline to file motions for summary judgment in JPMorgans third-party action against Mr. Staley until one week after the Court issues its reasoned opinion concerning Mr. Staleys motion to dismiss. All other deadlines in connection with motions for summary judgment in the third-party case will set once that opinion issues. The Court has agreed to set the following briefing schedules for Daubert motions in the first-party action between USVI and JPMorgan: opening briefs shall be filed no later than August 18, 2023; answer briefs shall be filed no later than August 25, 2023; reply briefs shall be filed no later than August 31, 2023; and oral argument on any such motions will be held on September 6, 2023 at 9 AM. Daubert Hearing set for 9/6/2023 at 09:00 AM before Judge Jed S. Rakoff. "
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