JPMorgan Chase had offered $1 million to settle allegations brought by former investment banker Chirayu Rana weeks before he filed a lawsuit accusing the Wall Street giant of sexual assault-related misconduct and racial discrimination, according to a report by The Wall Street Journal.
Rana's lawsuit, filed in New York state court and later refiled after briefly being withdrawn, alleged that Lorna Hajdini, a female colleague, sexually assaulted him and that he faced racial discrimination and harassment during his time at the bank.
According to the WSJ report, JPMorgan attempted to quietly resolve the matter in March 2026 after “weeks of mediation”. Rana had joined the bank in May 2024 and was placed on paid leave in May 2025 after filing an internal complaint detailing allegations of discrimination, harassment and assault.
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The report said the bank's $1 million settlement proposal amounted to less than two years of Rana's compensation. However, negotiations reportedly collapsed over differences in payout expectations.
New York Post reported Rana initially sought more than $20 million and had threatened to go public if a settlement was not reached. Following JPMorgan's offer, Rana's lawyer, Daniel J. Kaiser, allegedly countered with a demand of $11.75 million.
“He threatened to go public and asked for millions of dollars,” a source familiar with the matter told the publication.
Another lawyer quoted by the Post saying: “Presumably, Rana sent a shakedown letter… threatening a public filing unless she bought his silence by paying an exorbitant fee for something she didn't do.”
JPMorgan has strongly denied the allegations and said an internal investigation reviewing emails, phone records and witness statements found no evidence supporting Rana's claims.
A spokesperson for the bank said, “We did try to reach an agreement to avoid the time and expense of litigation and to support an employee who was being threatened with the very reputational harm now unfolding.”
“We continue to believe these allegations have no merit and new information raised as a result of the public filing only reinforces that conclusion,” the spokesperson added.
The bank also stated that the female colleague named in the complaint, Lorna Hajdini, had no authority over Rana's promotions or compensation because the two reported to different managing directors.
Hajdini's legal team has categorically denied the allegations. “She never engaged in any inappropriate conduct with this individual of any kind and has never even been to the location where the alleged sexual assault supposedly took place,” her lawyers said.
Rana's legal team, meanwhile, continues to stand by the allegations, signalling that further evidence may emerge as the case proceeds.
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