Two of Mr. Epstein’s businesses received lucrative tax breaks from the U.S. territory worth tens of millions of dollars. Shortly after JPMorgan ended its relationship with Mr. Epstein, the Virgin Islands approved a first-of-its-kind boutique banking license for Mr. Epstein.

Judge Rakoff had put the lawsuits against JPMorgan on a fast track, with more than a dozen depositions given over the past three months, including the one from Mr. Dimon and another from Albert Bryan Jr., the governor of the Virgin Islands. The deal between JPMorgan and Mr. Epstein’s victims was hammered out as some of the plaintiffs’ lawyers were taking the deposition of James E. Staley, a former JPMorgan executive who had close ties to Mr. Epstein.

In court filings, the Virgin Islands claimed Mr. Epstein and Mr. Staley shared sexually suggestive emails about young women.

Mr. Staley, better known as Jes, has in court papers repeatedly denied doing anything wrong or being aware that Mr. Epstein had sexually abused young women and teenage girls. JPMorgan then sued Mr. Staley seeking to ensure that, if it is determined that he did engage in improper activity, he can be held liable for damages the bank ends up paying.

The victims’ lawyers who were most involved in litigating and negotiating the proposed settlements with the two banks included Mr. Boies, Sigrid McCawley, Brad Edwards and Brittany Henderson.