A U.S. judge Wednesday rejected former JPMorgan Chase & Co. executive Jes Staley's bid to dismiss the bank's lawsuit claiming he concealed what he knew about Jeffrey Epstein and should cover its losses if it were found liable for serving the disgraced financier.
The ruling by U.S. District Judge Jed Rakoff in Manhattan means Staley, who is also a former Barclays Plc. chief executive, could be on the hook for millions of dollars over his ties to Epstein, a JPMorgan client from 1998 to 2013.
Rakoff said he will provide reasons for his ruling "in due course."
Lawyers for Staley did not immediately respond to requests for comment. JPMorgan did not immediately respond to similar requests.
The New York-based bank faces two lawsuits over Epstein, and has denied liability.
One is a proposed class action by women, led by a former ballet dancer known as Jane Doe 1, who say Epstein sexually abused them. The other is by the U.S. Virgin Islands, where Epstein allegedly abused women on a private island he owned.
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