JP Morgan Chase has settled their lawsuit with the U.S. Virgin Islands over the bank’s involvement with sex offender financier Jeffrey Epstein.
QUICK FACTS:
- Banking giant JPMorgan Chase has reportedly settled for $75 million in their lawsuit with the Virgin Islands over its former client and convicted sex offender Jeffrey Epstein.
- According to the attorney general, USVI sued JPMorgan Chase in December 2022 in the Southern District of New York, claiming that the bank benefited from Epstein’s sex-trafficking operation and failed to report suspicious financial activity.
- JPMorgan said in a statement Tuesday that it was not conceding any liability in the settlement, and that the company “deeply regrets any association” with Epstein.
- The bank did not admit any wrongdoing in the settlement, which will give $55 million to charities committed to the territory’s anti-trafficking efforts.
- The Virgin Islands claimed the deal “includes several substantial commitments by JPMorgan Chase to identify, report, and cut off support for potential human trafficking, including establishing and implementing comprehensive policies and procedures.”
USVI ATTORNEY GENERAL ARIEL SMITH ON JPMORGAN SETTLING OVER ITS INVOLVEMENT WITH JEFFREY EPSTEIN:
“This settlement is a historic victory for survivors and for state enforcement, and it should sound the alarm on Wall Street about banks’ responsibilities under the law to detect and prevent human trafficking,” Smith said.
BACKGROUND:
- In June 2023, JPMorgan Chase agreed to settle with Epstein’s victims.
- The bank agreed to pay about $290 million to settle the class action lawsuit, according to a person familiar with the matter, Reuters cited.
- The bank had been accused by several women of facilitating Epstein’s illegal sex trafficking operations.
- “We all now understand that Epstein’s behavior was monstrous, and we believe this settlement is in the best interest of all parties, especially the survivors, who suffered unimaginable abuse at the hands of this man,” a spokesperson with JPMorgan Chase said. “We would never have continued to do business with him if we believed he was using our bank in any way to help commit heinous crimes.”
- David Boies, an attorney representing the survivors, told Epoch Times that the recovery from JPMorgan was a significant advancement towards justice for the victims.
- It is notable that a similar lawsuit was filed against Deutsche Bank by the same survivors, which was settled in May for $75 million.
- Judge Rakoff had previously ruled this year that both Deutsche Bank and JP Morgan could potentially be liable for Epstein’s crimes.
- He said there was sufficient evidence to support the allegation that both banks were knowledgeable about Epstein’s illegal activities.
