On Tuesday, September 26, banking giant JPMorgan Chase agreed to a payout of $75 million to the United States Virgin Islands (USVI) as a settlement for a lawsuit related to pedophile Jeffrey Epstein. Of the $75 million, $55 million come from JPMC and $20 for attorney fees.
It is hoped that this payment will help combat human trafficking and provide justice for victims who suffered abuse at the hands of Epstein.
The details of this agreement are broken down into two parts: first, JPMC will be providing $30 million worth of funding for charitable organizations that specialize in fighting human trafficking and sex crimes, second, they will be donating another $25 million to USVI so as to bolster their law enforcement capabilities and improve their efforts against human trafficking.
This money should not only help survivors receive justice but also deter potential traffickers from committing similar crimes in the future.
INBOX: JP Morgan and the US Virgin Islands have reached a settlement for litigation related to Jeffrey Epstein. The bank also settled its lawsuit against disgraced ex-JPM executive Jes Staley @DailyCaller https://t.co/xLsKIusA2C pic.twitter.com/t0f9chtCZ1
— James Lynch (@jameslynch32) September 26, 2023
USVI Attorney General Ariel M. Smith was pleased with the settlement, noting that it “should sound the alarm on Wall Street about banks’ responsibilities under the law to detect and prevent human trafficking.” In addition, JP Morgan stated that while this settlement does not constitute an admission of liability on their behalf, they deeply regret any connection made between themselves and Jeffrey Epstein.
This legal battle began when former USVI Attorney General Denise George filed a lawsuit against JPMC over allegations concerning ties between JPMorgan executive Jes Staley and Jeffrey Epstein—allegations which included text messages containing Disney characters describing underage girls.
Furthermore, there were claims that both USVI politicians had solicited donations from Epstein while providing him special treatment—all accusations which JPMorgan denied outright throughout these proceedings.
Even so, JPMorgan had been handling transactions worth around one billion dollars for Mr. Epstein since 1998 up until 2013 when he established residence on Little St James island where he ran his child sex trafficking operation before his arrest, ultimately leading him towards his eventual suicide in August later that year while being held at New York City jail cell awaiting trial for sex trafficking charges.
In December 2022, as part of a larger settlement with USVI worth 105 million dollars, Jeffrey Epstein’s estate agreed to sell off Little St James along with other private islands owned by him before passing away.
