JPMorgan Chase To Pay $75 Million In Epstein Case

Wall Street giant JPMorgan Chase reached a tentative deal to pay $75 million to settle a lawsuit with the U.S. Virgin Islands on Tuesday. The territory claimed that the firm protected the child trafficking activities carried out by now-deceased convicted pedophile Jeffrey Epstein.

Parties in some of the most heinous crimes are still not being named, but at least money is changing hands.

The case was set to go to federal trial in Manhattan later this year, and the Virgin Islands sued in December for up to $190 million. The territory claimed JPMorgan Chase ignored signs of Epstein’s activities.

Epstein had a private island home in the U.S. territory for nearly two decades. The funds are expected to pay for legal fees along with various projects in the Virgin Islands.

Of the total, $30 million is earmarked for groups who fight child trafficking, $25 million will go to law enforcement and $20 million will pay for attorneys fees.

Bloomberg reported the bank said the settlement benefits all parties. While not admitting guilt, the company stated it “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.”

JPMorgan Chase agreed in June to settle with almost 200 of Epstein’s victims for $290 million. CEO Jamie Dimon claimed that he barely knew of the financier’s existence before his arrest in July 2019.

Epstein died the next month in his Manhattan jail cell. He faced a federal trial for the trafficking of dozens of females as young as 14. His death was controversially ruled a suicide.

There have been repeated calls for the public release of names of those known to have frequented Epstein’s island. Many powerful figures are rumored to have been guests, but the list remains a closely guarded secret.

This latest settlement must be approved by a judge and is expected to bring the banking giant’s involvement in the horrific case to a close. The company also reportedly reached an agreement with former executive Jes Staley.

JPMorgan Chase sued Staley for damages suffered by the firm due to his association with Epstein.

The bank is the largest in the U.S. with approximately $3.7 trillion in assets. It features a market capitalization of roughly $422 billion.