JPMorgan will pay $75 MILLION to settle Jeffrey Epstein lawsuit brought by US Virgin Islands alleging bank facilitated pedophile’s sex trafficking
JPMorgan Chase has agreed to pay $75 million to settle a lawsuit brought by the US Virgin Islands over the bank’s client relationship with sex predator Jeffrey Epstein.
The bank confirmed the settlement in a statement to DailyMail.com on Tuesday morning, saying it did not admit liability as part of the deal, but ‘deeply regrets’ working with Epstein.
The settlement includes $30 million that will go towards US Virgin Islands charity groups that work to combat sex trafficking, $25 million to the territory’s government to fund law enforcement, and $20 million in attorneys fees.
The territory had sued JPMorgan for at least $190 million, saying 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 legal case tied to Epstein, after the bank agreed in June to pay out $290 million to resolve a suit brought by the predator’s victims.
JPMorgan Chase has agreed to pay $75 million to settle a lawsuit brought by the US Virgin Islands over the bank’s client relationship with sex predator Jeffrey Epstein
In a separate case, Apollo Global Management co-founder Leon Black paid $62.5 million to the US Virgin Islands in July to avoid any legal claims tied to Epstein.
JPMorgan is the largest bank in the US, with roughly $3.7 trillion in assets, and has a market capitalization of about $422 billion.
The bank’s stock was down less than one percent after the settlement was announced on Tuesday.
JPMorgan said in a statement that the settlement with USVI is ‘in the best interest of all parties, particularly for those who can benefit from efforts to combat human trafficking, and for survivors who suffer unimaginable abuse at the hands of these criminals.’
‘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,’ 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 knowledge of Epstein’s deeds and vouching for him internally.
Developing story, more to follow.