JPMorgan Chase, one of the largest banks in the United States, has reached a settlement with the US Virgin Islands in a lawsuit that alleged the bank enabled Jeffrey Epstein’s sex-trafficking crimes. The settlement includes “significant commitments” by JPMorgan Chase to combat human trafficking and a $75 million payment to the US Virgin Islands.
The lawsuit was filed by the USVI attorney general in December, claiming that the bank financially benefited from Epstein’s sex-trafficking operation and failed to report suspicious financial activity. The attorney general’s press release stated that JPMorgan Chase failed in its duty to report Epstein’s activities, which allowed him to continue his criminal behavior.
In response to the settlement, JPMorgan Chase released a statement reiterating that it deeply regrets any association with Epstein but did not concede any liability in the case. The settlement still needs to be approved by a federal judge.
The bank announced that $30 million of the settlement will go toward supporting charitable organizations working to end human trafficking and support survivors. Another $25 million will be paid to the USVI to enhance infrastructure and bolster law enforcement. The remaining $20 million will be used to cover legal fees associated with the case.
Additionally, JPMorgan Chase reached a separate settlement agreement with former executive James “Jes” Staley, who was implicated in facilitating Epstein’s relationship with the bank.
This settlement marks a significant step in holding financial institutions accountable for their actions in enabling criminal behavior. It also underscores the importance of combating human trafficking and supporting survivors.
Jeffrey Epstein was arrested in 2019 on federal charges of sex trafficking underage girls. He ran a trafficking enterprise between 2002 and 2005, paying girls as young as 14 to have sex with him at his residences in New York and Palm Beach. Epstein died by suicide in his jail cell just over a month after his arrest.
This settlement serves as a reminder of the need to address the systemic issues that allow individuals like Epstein to exploit vulnerable individuals. It is a step towards justice for the victims and a commitment to preventing future cases of human trafficking.