ToplineThe estate of Jeffrey Epstein created a fund to compensate victims of the disgraced financier. It was paid $121 million to approximately people. Monday's announcement by the administrator of the fund stated that it had received more claims than expected.This courtroom sketch shows defendant Jeffrey Epstein and Martin Weinberg, his attorney. [+] Listen during a bail hearing in federal Court, Monday, July 15, 2019, in New York. Epstein's lawyers want Epstein to be released on house arrest at his Manhattan residence while he awaits trial. (Elizabeth Williams via AP). ASSOCIATED PRESSThe Key FactsJordana Feldman, Epstein Victims Compensation Program administrator, stated to the New York Times that the program was launched in August. Its goal is to process all claims by Tuesday's second anniversary of Epsteins suicide. According to a press release, the fund stated that it received 225 claims from victims in the U.S. and around the world. This was far more than the initial expectations of 100. Around 75 claimants were denied (but they can still sue the state). Feldman stated that the Epstein Estate paid the compensation, but claims were independently reviewed and the program was unaffected by any interference.Important QuoteFeldman, who also managed a fund similar to one for 9/11 victims, explained that this was meant as a safe place and confidential forum to settle disputes. You saw the numbers rise as more people trusted the program.Big Number$800,000. Forbes calculates that this is the average amount the 150 victims were paid.ContraThe Epstein estate, former companies and employees required that alleged victims sign broad releases allowing them to file further claims. ABC News reported that at least three times, Epstein's alleged accomplice, Ghislaine Maxill, was required by women to drop civil claims against her in order to receive compensation. Some women declined offers from the program to pursue civil litigation.Important BackgroundAlthough Epstein didn't make it to the Forbes billionaires list, he left behind a $600 million fortune. He died in prison while awaiting his 2019 trial for sex trafficking. The Epstein Victims Compensation Fund was established out of concern that the money in trust could take years to reach the alleged victims. This was despite the fact that dozens of plaintiffs had filed lawsuits against the disgraced financier. The Epstein estate has sold a number his most important properties since his death. These include his Manhattan townhouse and Palm Beach, Fl. compound, which were sold earlier this year for $18.5 million and $51 million, respectively. The 8,000-acre ranch in New Mexico, where Epstein was accused by multiple women of sexually abusing and recruiting them, is the latest property that has been put up for sale. An attorney representing Epstein's estate, David H. Weiner, stated to the Wall Street Journal that Epstein's holdings were worth approximately $210million as of March 2021. More than $140 million was contributed to the Epstein Victims Comp Program.What to WatchMaxwell, Epstein's long-time confidante and ex-girlfriend, will face trial in November for charges that she recruited teenage girls to abuse Epstein over a period of 10 years.Continue readingJeffrey Epstein allegedly trafficked women in New Mexico Ranch.
