JPMorgan started its banking providers with Jeffrey Epstein as early as 1998
Washington:
JPMorgan Chase introduced Tuesday that it’ll pay $75 million to settle a US Virgin Islands’ (USVI) lawsuit that accused the financial institution of facilitating Jeffrey Epstein’s intercourse trafficking ring.
The large US financial institution, which beforehand reached a $290 million settlement with Epstein’s victims, additionally introduced an settlement with former JPMorgan govt Jes Staley for an undisclosed sum.
These instances collectively resolve the financial institution’s remaining litigation over its embarrassing long-running affiliation with the late Epstein.
The settlement with the Virgin Islands got here a couple of weeks forward of a scheduled trial in New York.
The settlement contains $30 million to help USVI charitable organisations, $25 million to boost USVI legislation enforcement to fight human trafficking, and $20 million in lawyer charges.
The Virgin Islands had initially sought $190 million in damages for the financial institution’s function in enabling Epstein’s intercourse crimes, together with within the Virgin Islands, the place he had a residence.
The continued litigation has yielded myriad disclosures which have raised questions over why JPMorgan didn’t act extra shortly to chop off Epstein after financial institution officers grew to become conscious of his conduct.
JPMorgan started its banking providers with Epstein as early as 1998 however didn’t minimize him off till 2013.
Plaintiffs had alleged that JPMorgan both knew or ought to have identified from 2006 that it was supporting a sexual predator, however that the financial institution saved the billionaire Epstein as a consumer properly past that interval.
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