JPMorgan to pay $75 MILLION to settle Jeffrey Epstein’s U.S. Virgin Islands lawsuit alleging bank facilitated pedophile sex trafficking
JPMorgan Chase has agreed to pay $75 million to settle a lawsuit filed by the U.S. Virgin Islands over the bank’s client relationship with sexual predator Jeffrey Epstein.
The bank confirmed the settlement in a statement to DailyMail.com on Tuesday morning, saying it had not admitted liability under the deal but that it “deeply regretted” working with Epstein.
The settlement includes $30 million to be paid to charitable groups in the U.S. Virgin Islands that fight sex trafficking, $25 million to the territory’s government to fund law enforcement, and $20 million in court fees. lawyer.
The territory had sued JPMorgan for at least $190 million, claiming the bank ignored red flags about convicted sex offender Epstein because he was a wealthy and lucrative client from 1998 to 2013.
The settlement, which must be approved by a judge, concludes JPMorgan’s last major Epstein-related legal case, after the bank agreed in June to pay $290 million to resolve a lawsuit brought by the predator’s victims.
JPMorgan Chase has agreed to pay $75 million to settle a lawsuit filed by the U.S. Virgin Islands over the bank’s client relationship with sexual predator Jeffrey Epstein.
In another case, Leon Black, co-founder of Apollo Global Management, paid $62.5 million to the U.S. Virgin Islands in July to avoid any Epstein-related lawsuits.
JPMorgan is the largest bank in the United States, with approximately $3.7 trillion in assets and a market capitalization of approximately $422 billion.
The bank’s shares fell less than 1 percent after the settlement was announced Tuesday.
JPMorgan said in a statement that the agreement with the USVI is “in the best interests of all parties, particularly for those who can benefit from anti-human trafficking efforts, and for survivors who experience harm.” unimaginable abuses by these criminals.”
“The company deeply regrets any association with this man and would never have continued to do business with him if it believed he was using the bank in any way to commit his heinous crimes,” JPMorgan said.
The bank also said it had reached a confidential settlement to resolve its claims against former executive Jes Staley, whom the bank had accused of concealing its knowledge of Epstein’s actions and vouching for him internally.
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