JPMorgan Chase reached settlements with the U.S. Virgin Islands (USVI) 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 U.S. bank for months.
reached settlements with the U.S. 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 U.S. bank for months.
JPMorgan said its $75 million settlement with the USVI includes $30 million to support charitable organizations, $25 million to strengthen law enforcement to combat human trafficking, and $20 million for attorney's fees.to resolve claims by dozens of Epstein's accusers. "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," JPMorgan said.Epstein died in August 2019 in a Manhattan jail cell while awaiting trial for sex trafficking. New York City's medical examiner called his death a suicide.
Both lawsuits exposed deficiencies in JPMorgan's oversight of clients, including many communications where employees urged the bank to stop doing business with Epstein.
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