Current:Home > InvestJPMorgan Chase agrees to $75 million settlement in Jeffrey Epstein sex trafficking case-DB Wealth Institute B2 Expert Reviews
JPMorgan Chase agrees to $75 million settlement in Jeffrey Epstein sex trafficking case
View Date:2024-12-23 20:02:09
JPMorgan Chase agreed Tuesday to pay $75 million to the U.S. Virgin Islands to settle claims that the bank enabled the sex trafficking acts committed by financier Jeffrey Epstein.
JPMorgan said that $55 million of the settlement will go toward local charities that provide assistance to victims of domestic abuse and trafficking and other crimes, as well as to enhance the capabilities of local law enforcement. Of that amount, $10 million will be used to create a fund to provide mental health services for Epstein’s survivors, according to the Virgin Islands Department of Justice.
The Virgin Islands, where Epstein had an estate, sued JPMorgan last year, saying its investigation had revealed that the financial services giant enabled Epstein’s recruiters to pay victims and was “indispensable to the operation and concealment of the Epstein trafficking enterprise.” It had been seeking penalties and disgorgement of at least $190 million, in addition to other damages.
In effect, the Virgin Islands had argued that JPMorgan had been complicit in Epstein’s behavior and did not raise any red flags to law enforcement or bank regulators about Epstein being a “high risk” customer and making repeated large cash withdrawals.The settlement averts a trial that had been set to start next month.
More on Epstein's death by suicideJeffrey Epstein suicide blamed on 'chronic problems' within Bureau of Prisons. What we know
The bank also said it reached a confidential legal settlement with James “Jes” Staley, the former top JPMorgan executive who managed the Epstein account before leaving the bank. JPMorgan sued Staley earlier this year, alleging that he covered up or minimized Epstein’s wrongdoing in order to maintain the lucrative account.
JPMorgan had already agreed to pay $290 million in June in a class-action lawsuit that involved victims of Epstein’s trafficking crimes.
Epstein died by suicide in a federal jail in 2019.
veryGood! (51878)
Related
- Is the stock market open on Veterans Day? What to know ahead of the federal holiday
- Colorado vs. Nebraska score: Highlights from Cornhuskers football win over Buffaloes today
- School districts race to invest in cooling solutions as classrooms and playgrounds heat up
- Week 2 college football predictions: Expert picks for Michigan-Texas and every Top 25 game
- OneTaste Founder Nicole Daedone Speaks Out on Sex Cult Allegations Against Orgasmic Meditation Company
- Bama Rush, step aside! 3-year-old star of 'Toddler Rush' combines cuteness and couture
- Coal miner killed on the job in West Virginia. The death marks fourth in the state this year
- Kelly Stafford Reveals the Toughest Part of Watching Quarterback Husband Matthew Stafford Play Football
- Shaboozey to headline halftime show of Lions-Bears game on Thanksgiving
- Alabama congressional district redrawn to better represent Black voters sparks competitive race
Ranking
- The results are in: Peanut the Squirrel did not have rabies, county official says
- NFL schedule today: Everything to know about Week 1 games on Sunday
- Nebraska rides dominating defensive performance to 28-10 win over old rival Colorado
- Ella Travolta honors late mom Kelly Preston in new song, shares old home videos
- Tesla Cybertruck modifications upgrade EV to a sci-fi police vehicle
- How many teams make the NFL playoffs? Postseason format for 2024 season
- Evacuations ordered as wildfire burns in foothills of national forest east of LA
- East Timor looks to the pope’s visit as a reward after 20 years of fragile stability
Recommendation
-
Pedro Pascal's Sister Lux Pascal Debuts Daring Slit on Red Carpet at Gladiator II Premiere
-
Wynn Resorts paying $130M for letting illegal money reach gamblers at its Las Vegas Strip casino
-
Week 1 fantasy football rankings: PPR, half-PPR and standard leagues
-
Negro Leagues legend Bill Greason celebrates 100th birthday: 'Thankful to God'
-
Mississippi expects only a small growth in state budget
-
Chiefs' thrilling win over Ravens is most-watched season opener in NFL history
-
Gordon Ramsay's wife, Tana, reveals PCOS diagnosis. What is that?
-
Mega Millions skyrockets to $800 million. See the winning numbers for September 6 drawing