JPMorgan to pay $75 million in settlement involving Jeffrey Epstein
The bank reached the settlement with the U.S. Virgin Islands.
JPMorgan Chase will pay $75 million in a settlement involving the late disgraced financier Jeffrey Epstein.
Epstein was found dead in his cell at New York City's Metropolitan Correctional Center in 2019, where he was awaiting trial on sex trafficking charges.
Virgin Islands officials said the bank should have known about Epstein's human trafficking, and that the investigation it conducted into the matter yielded significant information about the bank's dealings with Epstein.
In its settlement with the Virgin Islands, JPMorgan Chase will contribute $30 million to organizations whose work is aimed at fighting human tracking, and contribute $25.5 million to "enhance" law enforcement infrastructure related to human trafficking. The remaining funds will cover USVI attorneys' fees.
"JPMorgan Chase believes this settlement is in the best interest of all parties, particularly those who can benefit from efforts to combat human trafficking and for survivors who suffer unimaginable abuse at the hands of these criminals," the company said in a statement.
The settlement does not involve admissions of liability on JPMorgan's part, although the company said it "deeply regrets" any association with Epstein.
Another agreement was reached with former JPMorgan Chase executive James Staley, the details of which are confidential.
