JPMorgan Chase has consented to a settlement of $75 million with the U.S. Virgin Islands, following allegations that the bank played a facilitating role in the heinous sex trafficking crimes orchestrated by financier Jeffrey Epstein.
The Virgin Islands, where Epstein owned a luxurious estate, had initiated legal proceedings against JPMorgan last year. Investigations suggested that the bank was a critical cog in Epstein’s nefarious operations, facilitating payments to victims and essentially keeping Epstein’s illicit activities under wraps.
Despite the Virgin Islands initially seeking a sum in the ballpark of $190 million, the final agreement sees JPMorgan allocate $55 million to local charities geared towards supporting victims of domestic abuse, trafficking, and other heinous acts. An additional $10 million will be dedicated to bolster mental health services tailored for Epstein’s survivors.
This arrangement sidesteps a courtroom showdown that was on the horizon for next month. Further, JPMorgan announced a clandestine settlement with James “Jes” Staley, a senior JPMorgan executive who oversaw the Epstein account and was accused of downplaying Epstein’s misdeeds to retain the profitable account.
The JPMorgan sex trafficking settlement issue is not the financial behemoth’s first encounter with Epstein-related settlements. Previously, in June, JPMorgan had green-lighted a staggering payment of $290 million in connection with a class-action lawsuit brought forward by Epstein’s victims.
Epstein’s dark legacy came to an abrupt end when he was found dead in his prison cell in 2019.
If you’re a victim of trafficking or know someone who is, contact the Women’s Rights Group. We’ll assist in filing claims for compensation and ensure those accountable face justice. Help is available. Call us for a confidential consultation.
