JPMorgan Chase has agreed 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.
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. The Virgin Islands, where Epstein had an estate, sued JPMorgan last year, saying its investigation had 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.
The bank also said it reached a confidential legal settlement with James “Jes” Staley, the former top JPMorgan executive who managed the Epstein account before leaving the the bank.
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