JPMorgan Chase agreed to pay $75 million as part of a settlement with the government of the U.S. Virgin Islands regarding the bank’s ties to convicted sex offender Jeffrey Epstein.
The agreement in principle, announced by the bank Tuesday, would be separate from the $290 million the bank agreed to pay in June to settle a class-action lawsuit brought on behalf of Epstein’s victims.
JPMorgan also announced it resolved litigation it brought against former Barclays Chief Executive Jes Staley, who previously worked at JPMorgan and was accused by the bank of being responsible for its relationship with Epstein. The terms of that agreement were not disclosed.
The Virgin Islands lawsuit alleged JPMorgan aided and benefitted from Epstein’s crimes during the time he was a customer of the bank. JPMorgan handled the accounts of Epstein until closing them in 2013. Years prior, the bank’s compliance team reportedly suggested it end its relationship with Epstein, though it chose instead to retain him as a client.
Under the terms of the agreement, JPMorgan would pay $55 million largely dedicated to local charities and assisting victims, plus an additional $20 million in attorneys’ fees.
The case was set to go to trial next month.
“JPMorgan Chase believes this settlement 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 bank stated. “While the settlement does not involve admissions of liability, 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.
“The firm will continue to work with law enforcement to combat human trafficking and help to identify improper money movement into the global payments systems.”
Epstein died in prison in 2019.
No comments yet