Epstein

Virgin Islands Demands $190 Million From JPMorgan Chase in Case Involving Jeffrey Epstein

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The U.S. Virgin Islands government said in a court filing on Friday that it intended to sue JPMorgan Chase for at least $190 million in damages as part of a claim that the bank assisted in facilitating sex trafficking through one of its former clients, Jeffrey Epstein.
According to CNBC.com’s article on the complaint, the bank is accused of being involved with Epstein, a longtime JPMorgan Chase client, in the lawsuit.

According to the article, the U.S. Virgin Islands government requested a court order that would compel JPMorgan Chase to take different steps to protect young women and children from potential exploitation by future predators in addition to seeking damages.

“These sets of recommendations aim to address the same core problem: JPMorgan’s knowledge of and failure to report Epstein’s trafficking because it lacked the economic incentive and motivation to place compliance with the law and prevention of trafficking ahead of its own profits,” the filing in U.S. District Court in Manhattan said, according to the outlet.

Additionally, the U.S. territory declared its intention to seek additional compensatory damages on behalf of Epstein’s victims. The almost $300 million that JPMorgan Chase agreed to pay to resolve a lawsuit brought by one of Epstein’s victims just last month would be separate from this. The precise amount sought for these additional damages on behalf of Epstein’s victims was not stated in the court document, CNBC.com reported.

According to the site, the new filing was made in response to Judge Jed Rakoff’s order made last week, which asked the U.S. Virgin Islands to offer precise information on the damages it seeks as the case moves closer to trial.

The largest bank in the United States, JPMorgan Chase, is accused in a lawsuit brought by the Virgin Islands of profiting from Epstein’s trafficking of young women who were abused by him and others for 15 years while he was a client of the bank.

The complaint alleges that despite multiple warning indications that were brought to the attention of the bank’s employees over the years, JPMorgan Chase allowed Epstein to keep substantial sums of money in accounts at the bank that he used to bankroll his exploitation of women.

JPMorgan Chase has always denied any accusations of wrongdoing in connection with the case, but did not immediately respond to a request for comment on Friday.

“We are pursuing this enforcement action because JPMorgan Chase’s institutional failure enabled Jeffrey Epstein’s sex trafficking, and JPMorgan Chase must make significant changes to detect, report and stop human trafficking,” U.S. Virgin Islands Attorney General Ariel Smith noted in a statement on Friday.

“Financial penalties, as well as conduct changes, are important to make sure that JPMorgan Chase knows the cost of putting its own profits ahead of public safety,” added Smith.

The AG noted further if the Virgin Islands wins its suit, it will use any monetary damages it receives “to support efforts to strengthen, inform, and expand local law enforcement and enhance the Virgin Islands’ services for victims of human trafficking and other victims of crime.”

The U.S. Virgin Islands is requesting a minimum of $150 million in civil penalties as a separate part of the case, according to the document. In addition, the petition demands that JPMorgan Chase forfeit fees generated from Epstein’s financial dealings totaling at least an extra $40 million. Included in these fees are those Epstein generated himself as well as those the bank collected from other “ultra-high net worth clients” Epstein referred.

“Those clients, the filing said, included Google co-founder Sergey Brin, Microsoft founder Bill Gates, Lex Wexner, the founder of Limited Brands, and the billionaire Glenn Dubin,” CNBC.com noted further.

Besides the monetary damages, the Virgin Islands also is asking JPMorgan be compelled “to implement new policies, including separating its business and compliance functions and designating an independent compliance consultant, to prevent human trafficking,” according to a press release from Smith’s office.

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