JPMorgan Chase will pay $75m to settle a lawsuit with the US Virgin Islands that alleged the Wall St giant was complicit in Jeffrey Epstein’s sex trafficking of young women.
A JPMorgan spokesperson said the bank did not admit any wrongdoing in the settlement, which will provide $55m to Virgin Island charities and anti-trafficking organisations.
The remaining $20m will cover the island territory’s legal expenses during the year-long litigation in a federal court in New York.
The bank also settled its litigation with former executive Jes Staley, a former executive who was accused in court of hiding Epstein’s abuse in order to retain him as a client.
The terms of the settlement with Mr Staley are confidential.
breaking more to come