The Epstein Files Have the Business World on Edge

A billboard in Times Square calls for the release of the Epstein files in July. (Adam Gray/Getty Images)

Key Points

• New documents related to Jeffrey Epstein are expected to be released soon, potentially on Friday, under the Epstein Files Transparency Act.
• The forthcoming release will include unclassified records, communications, flight logs, and records tied to entities associated with Epstein.

Another batch of records about Jeffrey Epstein is coming, possibly as soon as Friday—and the world of business and finance is bracing for the fallout.

Epstein, a fixture on Wall Street and in society until he was charged with child sex trafficking in 2019 and imprisoned, had ties to both financial institutions and business heavy hitters that are already well-known.

For example, Epstein was a longtime customer of both JPMorgan Chase and Deutsche Bank.

And the financier had ties with prominent business types that have raised eyebrows and grabbed headlines.

Four are Leon Black, Apollo Global’s co-founder and former CEO; Leslie Wexner, former CEO of L Brands; former Barclays CEO Jes Staley; and Lawrence Summers, the former Treasury secretary and a Harvard professor**.**

None has been charged with crimes related to Epstein, who died by suicide in his jail cell about a month after he was charged.

Still, the relationships with Epstein have exacted tolls. Black stepped down as CEO of Apollo following an independent review by Dechert, a law firm, that uncovered larger-than-expected payments to Epstein. Dechert said the fees that were for trust and estate-tax planning advice.

Wexner and his wife, Abigail Wexner, chose not to run for reelection to the board of L Brands in 2021 amid struggles with the retail business and ties to Epstein, who worked as Leslie Wexner’s money manager. Wexner has said he wasn’t aware of Epstein’s criminal activities.

Staley, who was a longtime alum of JPMorgan, was banned by the U.K.’s main financial regulator from holding powerful positions. In June, a U.K. tribunal upheld the ban; Staley asserted during the public trial that his relationship with Epstein was professional.

Summers resigned from OpenAI’s board, is on leave from Harvard, and publicly apologized.

But will new names surface? Will more details emerge on the already disgraced?

The one thing for certain is that more documents tied to Epstein will be released soon—possibly on Friday, according to stipulations in the Epstein Files Transparency Act, signed by President Donald Trump on Nov. 19.

The law calls for Attorney General Pam Bondi to release all Epstein-related documents held by the Justice Department within 30 days of its Nov. 19 enactment.

The documents, from unclassified records to communications to materials stemming from Justice Department’s 2019 federal indictment of Epstein, must be made “in a searchable and downloadable format,” according to the law.

Also included in the document dump will be all flight logs and travel records for any vehicle used by Epstein, as well as any records related to corporations, nonprofits, and academic or government entities “with known or alleged ties” to Epstein.

Being named in the documents doesn’t indicate wrongdoing or illegal behavior by the individuals or companies.

The law permits the attorney general to withhold or redact information that would identify victims, or depict child sexual abuse or physical abuse or death, in addition to materials “that would jeopardize an active federal investigation or ongoing prosecution.”

Thousands of documents have already been released—at least 65,000 pages, according to the House Oversight and Government Reform Committee. Many, including email correspondence, were provided by the Epstein estate in response to a subpoena from the committee.

On Nov. 18, the committee sent subpoenas to JPMorgan Chase, Deutsche Bank and the attorney general for the Virgin Islands, requesting financial records related to Epstein.

In 2023, JP Morgan paid nearly $300 million to settle a lawsuit accusing the bank of facilitating Epstein’s sex-trafficking organizations. Deutsche Bank paid $75 million in 2023 to settle a separate class-action suit. Neither bank admitted wrongdoing, according to people familiar with each case.

Write to Abby Schultz at abby.schultz@barrons.com