JPMorgan to pay $75M to settle Jeffrey Epstein-related claims

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JPMorgan to pay $75M to settle Jeffrey Epstein-related claims
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'The firm deeply regrets any association with this man,' JPMorgan Chase officials said Tuesday in a statement.

Billionaire Jeffrey Epstein is seen in this Sept. 8, 2004 photo in Cambridge, Massachusetts.JPMorgan Chase announced Tuesday that it had reached a $75 million settlement with the U.S. Virgin Islands over claims related to Jeffrey Epstein.In a statement, bank officials said $20 million of the settlement would go toward attorneys’ fees, while most of the remaining $55 million would go to local charities and toward helping Epstein’s victims.

“JPMorgan Chase believes this settlement is in the best interest of all parties, particularly for those who can benefit from efforts to combat human trafficking, and for survivors who suffer unimaginable abuse at the hands of these criminals,” company officials said Tuesday.The financial firm did not admit to liability in the settlement.

Officials in the U.S. Virgin Islands accused JPMorgan Chase of having ignored signs that Epstein — who was a JPMorgan client from 1998 until 2013 — was running a sex trafficking organization because of the money he brought in. “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 officials said Tuesday in a statement.

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