• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick JPMorgan to pay $75 million to settle lawsuit over ties with Jeffrey Epstein
Editor's Pick

JPMorgan to pay $75 million to settle lawsuit over ties with Jeffrey Epstein

by September 27, 2023
by September 27, 2023 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

JPMorgan Chase has reached a $75 million settlement with the U.S. Virgin Islands over a lawsuit accusing the nation’s largest bank of facilitating Jeffrey Epstein’s sex-trafficking enterprise for 15 years, according to statements released by the bank and territory.

The bank said the majority of the settlement — $55 million — will go toward local charities and victim assistance. Meanwhile, the remaining $20 million will cover legal fees.

The bank said the settlement doesn’t ‘involve admissions of liability,’ however it ‘regrets any association with this [Epstein], and would never have continued doing business with him if it believed he was using the bank in any way to commit heinous crimes.’

A JPMorgan Chase spokesperson added, ‘We are pleased that the USVI will use settlement proceeds to enhance the infrastructure and capabilities of their law enforcement to prevent and combat human trafficking and other crimes in their territories.’

The U.S. Virgin Islands said that $10 million from the settlement would create a fund to provide mental health services for Epstein’s survivors.

U.S. Virgin Islands Attorney General Ariel Smith said: ‘We are proud to have stood alongside the survivors throughout this litigation, and this settlement reflects our continued commitment to them. With this constructive resolution of this groundbreaking litigation, we look forward to helping our community move forward and to building a new relationship with JPMorgan.’

The U.S. Virgin Islands sued the Wall Street giant last year alleging the bank turned a ‘blind eye’ toward Epstein’s conduct and continued to finance him. The settlement comes as the case was set to go to trial in Manhattan federal court in October.

JPMorgan Chase was Epstein’s banker for 15 years, starting in 1998. The bank terminated him as a client in 2013.

In June, JPMorgan Chase agreed to pay $290 million to settle a similar lawsuit filed by Epstein survivors.

JPMorgan Chase said it also reached a confidential agreement with its former executive Jes Staley to resolve the bank’s claims against him. The financial institution sued Staley in March saying he should be held liable for any financial damages the bank would have to pay from lawsuits related to Epstein.

An attorney for Staley didn’t immediately respond to NBC News’ request for comment.

Staley has called the accusations “baseless,” but expressed regret for his relationship with Epstein.

Epstein was convicted of procuring a child for prostitution in 2008. He died by suicide at a Manhattan correctional center in 2019 where he was being held on federal sex-trafficking charges.

This post appeared first on NBC NEWS
You Might Also Like
  • More than 28% of Americans are searching for new jobs — the highest rate in a decade
  • Disney debuts its latest cruise ship, Treasure, as part of a plan to double its fleet by 2031
  • Vail stock struggles as strike leads to long lines at Park City Mountain
  • Bitcoin approaches all-time high after surpassing $65,000
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Market Begs: Tell Us Something Good!
next post
Senate leaders reach short-term budget deal with $6B in Ukraine aid, setting up showdown with House

You may also like

GM to increase production of high-performance Cadillac Escalade V8 SUV

July 17, 2024

Ticketmaster’s hidden fees remain common long after it vowed to...

October 26, 2023

October inflation report expected to show slower price growth

November 14, 2023

Bed Bath & Beyond comes back as an online retailer

August 1, 2023

Kroger and Albertsons are spending billions to reward shareholders after...

December 15, 2024

T-Mobile to acquire most of U.S. Cellular in $4.4 billion...

May 30, 2024

Tesla denies report that the EV maker is looking to...

May 1, 2025

Millions of college students in limbo after aid application information...

February 1, 2024

Chocolate expected to get more expensive as cocoa prices soar...

June 14, 2023

Mortgage demand falls to 27-year low despite drop in interest...

September 8, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025
    • How I Triple My Returns With 3x Leveraged ETFs!

      July 10, 2025
    • Want Faster, Lower Risk Trades? Use This Setup

      July 9, 2025
    • The Seasonality Trend Driving XLK and XLI to New Highs

      July 9, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,631 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,576 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,449 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,169)
    • Investing (538)
    • Stock (2,661)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025
    • How I Triple My Returns With 3x Leveraged ETFs!

      July 10, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,169)
    • Investing (538)
    • Stock (2,661)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Sony and Apollo send letter expressing...

    May 4, 2024

    Amazon reaches $2 trillion market cap...

    June 27, 2024

    Americans grow more confident about the...

    January 11, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here