Coverage dated September 25, 2023 to September 26, 2023
JPMorgan to pay $75 million on claims that it enabled Jeffrey Epstein's sex trafficking operations
Headline from News West 9
In effect, the Virgin Islands had argued that JPMorgan, one of the largest banking companies in the world, had been complicit in Epstein's behavior for years.
News West 9's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
The bank has also reached an agreement to settle claims against former JPMorgan executive Jes Staley, who later left the bank to become CEO of Barclay’s before resigning from his position in 2021.
JPMorgan Chase agreed Tuesday 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.
The Virgin Islands had argued that JPMorgan had been complicit in Epstein's behavior and did not raise any red flags to law enforcement or bank regulators about Epstein being a "high risk" customer.
In effect, the Virgin Islands had argued that JPMorgan, one of the largest banking companies in the world, had been complicit in Epstein's behavior for years.
The $75 million settlement announced Tuesday resolves an enforcement action from the U.S. Virgin Islands, which accused the bank of processing over $1 billion in transactions related to 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.
NEW YORK — JPMorgan Chase agreed Tuesday 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. JPMorgan said that $55 million of the settlement will go toward local charities and assistance for victims.
The bank agreed to pay $75 million to settle with the U.S. Virgin Islands and also reached a confidential settlement with a former top banker who pushed to keep the disgraced financier as a client.
The tentative settlement comes just weeks before a scheduled trial in federal court in New York City on the US territory’s claim that the bank enabled Epstein’s sex trafficking operation of teenage girls and young women for nearly 15 years.
JPMorgan Chase agreed on Tuesday to pay the US Virgin Islands $75 million to settle a lawsuit alleging the Wall Street behemoth enabled Jeffrey Epstein’s sex trafficking ring by “knowingly” i…
JPMorgan did not admit any wrongdoing in the settlement, which will give $55 million to Virgin Islands charities and the territory’s anti-trafficking efforts.
