JPMorgan Chase has agreed to pay a $75 million settlement to the U.S. Virgin Islands in a case related to financier Jeffrey Epstein’s sex trafficking activities. The settlement resolves claims that the bank enabled Epstein’s recruiters to pay victims and played a crucial role in the operation and concealment of the trafficking enterprise. The Virgin Islands had sought penalties and disgorgement of at least $190 million, in addition to other damages.
Of the settlement amount, $55 million will be allocated to local charities assisting victims of domestic abuse, trafficking, and other crimes, as well as to enhance the capabilities of local law enforcement. According to the Virgin Islands Department of Justice, $10 million will be used to establish a fund providing mental health services for Epstein’s survivors.
The settlement avoids a trial that was scheduled to begin next month. JPMorgan Chase also reached a confidential legal settlement with James “Jes” Staley, the former top executive who managed Epstein’s account before leaving the bank. JPMorgan had previously agreed to pay $290 million in a class-action lawsuit involving victims of Epstein’s trafficking crimes.
Jeffrey Epstein died by suicide in a federal jail in 2019.