The US bank also reached a confidential settlement with former private banking chief Jes Staley.
NEW YORK: JPMorgan Chase agreed to pay US$75 million to settle claims by the US Virgin Islands that the bank aided in the disgraced financier Jeffrey Epstein’s sex trafficking.
They conclude the final pieces of major litigation over Epstein’s sexual abuse of women, which has embroiled prominent people such as Britain’s Prince Andrew and powerful figures in business. US Virgin Islands attorney-general Ariel Smith said the settlement was a “historic victory for survivors and for state enforcement, and it should sound the alarm on Wall Street about banks’ responsibilities under the law to detect and prevent human trafficking.”
Epstein died in August 2019 in a Manhattan jail cell while awaiting trial for sex trafficking. New York City’s medical examiner called his death a suicide.It accused the bank of ignoring warning signs about Epstein’s misconduct, even after his 2006 arrest on prostitution charges and guilty plea two years later.
Epstein had owned two private islands within the territory, including one he allegedly bought to keep onlookers from spying on his misconduct on the other.
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