Jeffrey Epstein: JPMorgan Chase to settle sex trafficking claim by US Virgin Islands for £62m

JPMorgan Chase has agreed to pay $75 million (£62 million) to the US Virgin Islands to settle claims that the bank enabled the sex trafficking acts of financier Jeffrey Epstein.

JPMorgan said on Tuesday (September 26) that 55 million dollars of the settlement will go towards local charities and assistance for victims. Another 20 million dollars will go towards legal fees.

The Virgin Islands, where Epstein had an estate, sued JP Morgan last year, saying its investigation has 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”.

Epstein killed himself in a federal jail in 2019.

In a press release announcing the new agreement with the Virgin Islands, JPMorgan said it “believes this settlement is in the best interest of all parties, particularly for those who can benefit from efforts to combat human trafficking, and for survivors who suffer unimaginable abuse at the hands of these criminals.”

“While the settlement does not involve admissions of liability, the firm deeply regrets any association with this man, and would never have continued doing business with him if it believed he was using the bank in any way to commit his heinous crimes,” the statement said.

“The firm will continue to work with law enforcement to combat human trafficking and help to identify improper money movement into the global payments systems.”