By — Ken Sweet, Associated Press Ken Sweet, Associated Press Leave your feedback Share Copy URL https://www.pbs.org/newshour/world/jpmorgan-to-pay-75-million-for-role-in-epstein-sex-trafficking-operation Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter JPMorgan to pay $75 million for role in Epstein sex trafficking operation World Sep 26, 2023 11:51 AM EDT NEW YORK (AP) — JPMorgan Chase agreed Tuesday to pay $75 million to the U.S. Virgin Islands to settle claims that the bank enabled the sex trafficking acts committed by financier Jeffrey Epstein. JPMorgan said that $55 million of the settlement will go toward local charities and assistance for victims. Another $20 million will go toward legal fees. READ MORE: JPMorgan reaches settlement with victims of Jeffrey Epstein The Virgin Islands, where Epstein had an estate, sued JPMorgan last year, saying its investigation has revealed that the financial services giant enabled Epstein’s recruiters to pay victims and was “indispensable to the operation and concealment of the Epstein trafficking enterprise.” In effect, the Virgin Islands had argued that JPMorgan had been complicit in Epstein’s behavior and did not raise any red flags to law enforcement or bank regulators about Epstein being a “high risk” customer and making repeated large cash withdrawals. The settlement averts a trial that had been set to start next month. The bank also said it reached an confidential legal settlement with James “Jes” Staley, the former top JPMorgan executive who managed the Epstein account before leaving the the bank. JPMorgan sued Staley earlier this year, alleging that he covered up or minimized Epstein’s wrongdoing in order to maintain the lucrative account. JPMorgan had already agreed to pay $290 million in June in a class-action lawsuit that involved victims of Epstein’s trafficking crimes. Epstein died by suicide in a federal jail in 2019. We're not going anywhere. Stand up for truly independent, trusted news that you can count on! Donate now By — Ken Sweet, Associated Press Ken Sweet, Associated Press
NEW YORK (AP) — JPMorgan Chase agreed Tuesday to pay $75 million to the U.S. Virgin Islands to settle claims that the bank enabled the sex trafficking acts committed by financier Jeffrey Epstein. JPMorgan said that $55 million of the settlement will go toward local charities and assistance for victims. Another $20 million will go toward legal fees. READ MORE: JPMorgan reaches settlement with victims of Jeffrey Epstein The Virgin Islands, where Epstein had an estate, sued JPMorgan last year, saying its investigation has revealed that the financial services giant enabled Epstein’s recruiters to pay victims and was “indispensable to the operation and concealment of the Epstein trafficking enterprise.” In effect, the Virgin Islands had argued that JPMorgan had been complicit in Epstein’s behavior and did not raise any red flags to law enforcement or bank regulators about Epstein being a “high risk” customer and making repeated large cash withdrawals. The settlement averts a trial that had been set to start next month. The bank also said it reached an confidential legal settlement with James “Jes” Staley, the former top JPMorgan executive who managed the Epstein account before leaving the the bank. JPMorgan sued Staley earlier this year, alleging that he covered up or minimized Epstein’s wrongdoing in order to maintain the lucrative account. JPMorgan had already agreed to pay $290 million in June in a class-action lawsuit that involved victims of Epstein’s trafficking crimes. Epstein died by suicide in a federal jail in 2019. We're not going anywhere. Stand up for truly independent, trusted news that you can count on! Donate now