Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Business

JPMorgan to pay $75 million to settle lawsuit over ties with Jeffrey Epstein

by September 27, 2023
September 27, 2023
JPMorgan to pay $75 million to settle lawsuit over ties with Jeffrey Epstein

JPMorgan Chase has reached a $75 million settlement with the U.S. Virgin Islands over a lawsuit accusing the nation’s largest bank of facilitating Jeffrey Epstein’s sex-trafficking enterprise for 15 years, according to statements released by the bank and territory.

The bank said the majority of the settlement — $55 million — will go toward local charities and victim assistance. Meanwhile, the remaining $20 million will cover legal fees.

The bank said the settlement doesn’t ‘involve admissions of liability,’ however it ‘regrets any association with this [Epstein], and would never have continued doing business with him if it believed he was using the bank in any way to commit heinous crimes.’

A JPMorgan Chase spokesperson added, ‘We are pleased that the USVI will use settlement proceeds to enhance the infrastructure and capabilities of their law enforcement to prevent and combat human trafficking and other crimes in their territories.’

The U.S. Virgin Islands said that $10 million from the settlement would create a fund to provide mental health services for Epstein’s survivors.

U.S. Virgin Islands Attorney General Ariel Smith said: ‘We are proud to have stood alongside the survivors throughout this litigation, and this settlement reflects our continued commitment to them. With this constructive resolution of this groundbreaking litigation, we look forward to helping our community move forward and to building a new relationship with JPMorgan.’

The U.S. Virgin Islands sued the Wall Street giant last year alleging the bank turned a ‘blind eye’ toward Epstein’s conduct and continued to finance him. The settlement comes as the case was set to go to trial in Manhattan federal court in October.

JPMorgan Chase was Epstein’s banker for 15 years, starting in 1998. The bank terminated him as a client in 2013.

In June, JPMorgan Chase agreed to pay $290 million to settle a similar lawsuit filed by Epstein survivors.

JPMorgan Chase said it also reached a confidential agreement with its former executive Jes Staley to resolve the bank’s claims against him. The financial institution sued Staley in March saying he should be held liable for any financial damages the bank would have to pay from lawsuits related to Epstein.

An attorney for Staley didn’t immediately respond to NBC News’ request for comment.

Staley has called the accusations “baseless,” but expressed regret for his relationship with Epstein.

Epstein was convicted of procuring a child for prostitution in 2008. He died by suicide at a Manhattan correctional center in 2019 where he was being held on federal sex-trafficking charges.

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Market Begs: Tell Us Something Good!
next post
Portofino Closes Acquisition of the Drill-Ready Yergo Lithium Project by Way of Option Buyout

Related Posts

Clean energy stocks fall as Trump bill would...

July 2, 2025

Frontier CEO urges crackdown on ‘rampant abuse’ of...

May 24, 2024

Pepsi introduces Colachup, a ketchup infused with cola

July 1, 2023

CVS Health to no longer sell decongestants with...

October 22, 2023

Federal Reserve official agrees the central bank can...

September 6, 2023

European Union regulators accuse Apple of breaching the...

June 25, 2024

What the Clorox products’ shortage means for you

September 20, 2023

Jeff Bezos discloses plan to sell up to...

May 3, 2025

Coca-Cola dodges after Trump says soda will switch...

July 18, 2025

Some tariff concessions from Canada and Mexico touted...

February 7, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

    • Lithium Market Update: Q3 2025 in Review

    • Despatch of SPP Offer Documents

    • Crypto Market Update: FalconX to Buy 21Shares, Senate Democrats Call Out Trump Envoy

    • Apollo Silver

    • Blackrock Silver Commences Phase 2 Hydrology Program, Geotechnical Evaluation and Seismic Survey on the Tonopah West Project

    Categories

    • Business (1,401)
    • Investing (3,062)
    • Politics (3,699)
    • Stocks (1,828)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved