JPMorgan started its banking services back in 1998 with Jeffrey Epstein
Washington:
JPMorgan Chase announced Tuesday that it will pay $75 million to settle a lawsuit in the United States Virgin Islands (USVI) accusing the bank of facilitating Jeffrey Epstein’s sex trafficking.
The major US bank, which previously reached a $290 million settlement with Epstein’s victims, also announced a deal with former JPMorgan CEO Jes Staley for an undisclosed amount.
These cases together resolve the bank’s remaining lawsuits over its embarrassing long association with the late Epstein.
The agreement with the Virgin Islands came a few weeks before a scheduled trial in New York.
The settlement includes $30 million to support USVI charities, $25 million to strengthen USVI law enforcement to combat human trafficking, and $20 million in attorney fees.
The Virgin Islands had originally sought $190 million in damages for the bank’s role in enabling Epstein’s sex crimes, including in the Virgin Islands, where he had a residence.
The ongoing lawsuits have produced numerous revelations that have raised questions about why JPMorgan did not act more quickly to cut Epstein off after bank officials became aware of his behavior.
JPMorgan started its banking services with Epstein back in 1998, but only stopped him in 2013.
Plaintiffs had argued that JPMorgan knew or should have known beginning in 2006 that it was supporting a sexual predator, but that the bank kept billionaire Epstein as a client well after that period.
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