JPMorgan Chase has agreed to pay $75 million to settle a lawsuit by the U.S. Virgin Islands, which alleged that the bank facilitated and benefited from the sex trafficking of young women by its longtime customer Jeffrey Epstein. The settlement, which does not require JPMorgan to admit any wrongdoing, will allocate $55 million to Virgin Islands charities and anti-trafficking efforts, while the remaining $20 million will cover attorneys’ fees incurred by the Virgin Islands during the litigation. Part of the settlement will also establish a fund to provide mental health services for Epstein’s victims.
The Virgin Islands lawsuit was the first enforcement action against a bank for facilitating and profiting from human trafficking. JPMorgan had faced allegations that it ignored red flags related to Epstein’s activities because it wanted to retain his business and that of his wealthy and powerful friends.
In addition to the settlement with the Virgin Islands, JPMorgan also reached a confidential settlement with Jes Staley, a former executive at the bank who had been friends with Epstein, to resolve claims related to Epstein-related litigation.
JPMorgan CEO Jamie Dimon and other top bank executives had been questioned by lawyers for the Virgin Islands as part of the lawsuit. The bank had previously reported identifying more than $1 billion in transactions related to “human trafficking” by Epstein dating back 16 years.
Epstein, who was known for socializing with high-profile individuals, including former Presidents Donald Trump and Bill Clinton, as well as Britain’s Prince Andrew, faced federal child sex trafficking charges and died by suicide in a Manhattan jail in 2019.
The settlement with JPMorgan comes after a separate $290 million settlement by the bank with Epstein’s victims earlier this year.
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