by Ernice Gilbert (VI Consortium) JPMorgan Chase has settled a lawsuit with the U.S. Virgin Islands, agreeing to pay $75 million over allegations that the bank played a role in aiding Jeffrey Epstein’s sex trafficking activities. This resolution concludes a legal dispute that spotlighted Epstein’s connections to both the bank and the Virgin Islands, and it arrived just a month ahead of a scheduled trial in Manhattan.
While the bank has not admitted any wrongdoing as part of this settlement, this agreement pushes JPMorgan’s total settlements related to maintaining Epstein as a client until 2013 to $365 million. Epstein had multiple accounts with JPMorgan’s private banking division and frequently interacted with senior bank officials, linking them to his affluent associates.
Documents from the court have unveiled Epstein’s interactions with JPMorgan executives, including sharing pictures of young women with Jes Staley, a leading figure at JPMorgan. Additionally, Epstein had financial ties to former Virgin Islands Governor John de Jongh, covering substantial private school tuition fees for de Jongh’s children.
Of the settlement amount, JPMorgan will allocate $30 million to Virgin Islands-based charities focused on human trafficking and victim support. Another $25 million is designated to assist the government and law enforcement in their efforts against human trafficking. The remaining $20 million will cover legal costs.