JPMorgan to pay US Virgin Islands $75m to settle Epstein lawsuit

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Lawsuit exposed deficiencies in JPMorgan’s oversight of clients even as employees urged bank to end work with Epstein.

JPMorgan Chase has reached settlements with US Virgin Islands and former executive Jes Staley, resolving lawsuits related to sex trafficking by Jeffrey Epstein, amounting to $75 million.

JPMorgan Chase has reached settlements with the US Virgin Islands and former executive Jes Staley to resolve lawsuits over sex trafficking by the disgraced financier Jeffrey Epstein, largely resolving a scandal that has weighed on the largest US bank for months. Epstein had been a JPMorgan client from 1998 until 2013, when the bank terminated their relationship.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.

USVI said JPMorgan kept Epstein as a valued client even after his 2006 arrest on prostitution charges and related guilty plea two years later, and said some bank officials stayed in touch with him long after he was dismissed. Dimon testified under oath in May that he had barely heard of Epstein until the financier’s July 2019 arrest.

 

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