JPMorgan Chase reached an agreement with the U.S. Virgin Islands this week to settle a lawsuit alleging the bank enabled the sex crimes of Jeffery Epstein.
The settlement includes a $75 million payment to the territory and “significant commitments” from the bank to stop human trafficking. The bank said it regrets any association with Epstein but admitted to no wrongdoing.
According to the agreement, $30 million will go to charitable organizations that fight against human trafficking and support victims, $25 toward improving USVI law enforcement and infrastructure and the remaining $20 million for legal fees.
The USVI sued JPMorgan Chase last December, alleging the bank did not do enough to stop the sex trafficking organization set up by the disgraced financier.
Epstein was arrested in 2019 on allegations he participated in the sex trafficking of dozens of underage girls. He died by suicide in his New York City jail cell one month after his arrest, according the city’s medical examiner.
• Vaughn Cockayne can be reached at vcockayne@washingtontimes.com.
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