'The Firm Deeply Regrets Any Association With This Man:' JPMorgan Agrees to Pay $75 Million to Settle U.S. Virgin Island Suit Over Jeffrey Epstein The U.S. Virgin Islands sued JPMorgan in December 2022.
Key Takeaways
- The bank settled with the USVI government to the tune of $75 million, according to a press release shared Tuesday.
- A portion of the settlement will go to charities fighting sex crimes and human trafficking.
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JPMorgan Chase has settled with the U.S. Virgin Islands (USVI) after the territory sued the bank in December 2022 for allegedly profiting off Jeffrey Epstein's sex trafficking operation.
The bank will pay the USVI government $75 million, according to a press release shared on Tuesday. The sum will be split with $20 million going to legal fees and $55 million distributed to local charities that fight human trafficking.
"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 company stated in the release.
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Jeffrey Epstein's former home on the island of Little St. James in the U.S. Virgin Islands. Emily Michot/Miami Herald/Tribune News Service | Getty Images
The U.S. Virgin Islands previously sued the bank for allegedly turning a blind eye to Epstein's operation by failing to report suspicious activity on his accounts, per CNN.
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In June, in a separate case, JPMorgan agreed to pay $290 million to nearly 200 victims following a class action lawsuit concerning Epstein's ties to the bank.
Epstein was arrested on sex trafficking charges in 2019 before allegedly dying by suicide while in federal jail, according to The New York Times.
