The lawsuits running on New York Federal court have been, in the last few months, a constant source of Epstein related disclosures that have shocked the world, as discovery in the suits brought to light the relationship of late pedophile Jeffrey Epstein with the rich, the famous, and the powerful of this world.
But now, the parts have come to a financial settlement to end the high profile suit that in the end is hurting the image of both America’s largest bank, JPMorgan Chase, as well as the US Virgin Island government.
CNBC reported:
“JPMorgan Chase said Tuesday it will pay $75 million to settle a lawsuit by the U.S. Virgin Islands alleging that the huge American bank facilitated and benefited from sex trafficking of young women by its longtime customer Jeffrey Epstein.
JPMorgan did not admit any wrongdoing in the settlement, which will give $55 million to Virgin Islands charities and the American territory’s anti-trafficking efforts.
The remaining $20 million will cover attorneys’ fees incurred by the Virgin Islands as part of the litigation in federal court in New York.
The Virgin Islands said the deal “includes several substantial commitments by JPMorgan Chase to identify, report, and cut off support for potential human trafficking, including establishing and implementing comprehensive policies and procedures.”
$10 million of the money received will be used to create a fund ‘to provide mental health services for Epstein’s victims’.
The deals come months after a separate $290 million settlement by JPMorgan with Epstein victims.
The Virgin Islands had previously obtained a $105 million settlement from Epstein’s estate, and another $62.5 million from billionaire investor Leon Black to resolve potential claims related to Epstein.
The Guardian reported:
“Ariel Smith, the attorney general of the Virgin Islands, said: ‘This settlement is an historic victory for survivors and for state enforcement, and it should sound the alarm on Wall Street about banks’ responsibilities under the law to detect and prevent human trafficking’.
[…] Marci Hamilton, founder of children’s rights group Child USA, said the settlement with JPMorgan Chase served ‘as a profound, landmark moment for women and girls that have fallen prey to human trafficking across the country and beyond’.
‘Our nation’s biggest banks have been put on notice’, said Hamilton.”
Financial Times reported:
“JPMorgan also reached a separate agreement with Staley to resolve its claims against him for allegedly failing to fully disclose the extent of his relationship with Epstein while an employee. Terms of the settlement with Staley were not disclosed.
JPMorgan had sued Staley in March to hold him liable for any penalties the bank would have to pay in the lawsuits related to Epstein and demanded that Staley return more than $80mn in compensation. “
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