Concluding a multiyear quest for justice, JPMorgan Chase has agreed to pay the U.S. Virgin Islands (USVI) $75 million to settle a lawsuit related to the sex-trafficking operation led by the notorious Jeffrey Epstein.
Prosecutors charged JPMorgan Chase with ignoring Epstein’s unusual financial transactions that, if reported and investigated, could have saved many victims.
Jeffrey Epstein died in prison in June 2019, reportedly by suicide, while awaiting trial for multiple sex-trafficking charges.
The settlement was announced on Tuesday, just one month before JPMorgan and USVI representatives were set to go to trial in Manhattan.
USVI Attorney General Ariel Smith said in a statement that “JPMorgan has agreed to implement and maintain meaningful anti-trafficking measures, which will help prevent human trafficking in the future.”
According to the terms of the settlement, JPMorgan does not admit to any wrongdoing but will pay $30 million to USVI-based charitable organizations, $25 million to enhance the USVI’s infrastructure and law enforcement and $20 million to cover attorneys’ fees.
Last June JPMorgan agreed to pay $290 million to settle a suit brought forward by Epstein’s victims — one of who was reportedly abused repeatedly over a 15-year period.
A statement from JPMorgan read: “The firm deeply regrets any association with this man, and would never have continued doing business with him if it believed he was using the bank in any way to commit his heinous crimes.”
Patricia Wexler, a spokesperson JPMorgan Chase added: “[The settlement] recognizes that JPMorgan remains committed to previous and ongoing efforts to fight human trafficking through its anti-money laundering (AML) program, and lists a number of processes we previously committed to.”
“There are no new commitments,” Wexler clarified. “Our controls, compliance, risk and other functions are always improving, and we are continually investing to become even better.”
JPMorgan also announced on Tuesday that the firm had reached an agreement with Jes Staley, a former executive at the firm who the bank sued for allegedly failing to disclose pertinent information about “Epstein’s abusive regime to his bosses,” according to the Post.
In 2021, JPMorgan initiated a suit against the former executive stating he “should personally be held liable for any damages that JPMorgan will have to pay out as part of the lawsuit … against the USVI.”
The Post reported the terms of that settlement are confidential.
With the settlement of the USVI suit, the multiple Epstein-related suits brought against JPMorgan Chase are resolved.
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