JPMorgan Chase to pay US$75 mn to settle Epstein suit
JPMorgan Chase announced on Tuesday that it will pay US$75 million to settle a US Virgin Islands' (USVI) lawsuit that accused the bank of facilitating Jeffrey Epstein's sex trafficking ring. The big US bank, which previously reached a US$290 million settlement with Epstein's victims, also announced an agreement with former JPMorgan executive Jes Staley for an undisclosed sum. These cases together resolve the bank's remaining litigation over its embarrassing long-running association with the late Epstein. The agreement with the Virgin Islands came a few weeks ahead of a scheduled trial in New York. The settlement includes US$30 million to support USVI charitable organisations, US$25 million to enhance USVI law enforcement to combat human trafficking and US$20 million in attorneys fees. The Virgin Islands had originally sought US$190 million in damages for the bank's role in enabling Epstein's sex crimes, including in the Virgin Islands, where he had a residence. The ongoing litigation has yielded myriad disclosures that have raised questions over why JPMorgan did not act more quickly to cut off Epstein after bank officials became aware of his conduct. JPMorgan began its banking services with Epstein as early as 1998, but did not cut him off until 2013. Plaintiffs had alleged that JPMorgan either knew or should have known from 2006 that it was supporting a sexual predator, but that the bank kept the billionaire Epstein as a client well beyond that period. (AFP)