JPMorgan Chase has agreed to pay $75 million to the U.S. Virgin Islands to settle claims that the bank enabled sex trafficking acts committed by financier Jeffrey Epstein.
The settlement will go towards local charities and assistance for victims, while $20 million will go towards legal fees.
The Virgin Islands sued JPMorgan last year, claiming that the bank enabled Epstein’s recruiters to pay victims and was “indispensable to the operation and concealment of the Epstein trafficking enterprise”, which according to new documents revealed to the public, seems to be true. JPMorgan also agreeing to payout a settlement to keep this quiet also screams guilt all over it.
The settlement averts a trial set to start next month. JPMorgan also reached a confidential legal settlement with James “Jes” Staley, the former top JPMorgan executive who managed the Epstein account before leaving the bank.
JPMorgan had already agreed to pay $290 million in June in a class-action lawsuit involving victims of Epstein’s trafficking crimes. Epstein died by suicide in a federal jail in 2019.
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