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 towards local charities and victim assistance. Meanwhile, the remaining $20 million will cover legal fees.
“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,” said a JP Morgan Chase spokesperson.
The 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 bank last year over its alleged ties to the disgraced financier. The case was set to go to trial next month.
In June, JP Morgan Chase agreed to pay $290 million to settle a similar lawsuit filed by Epstein survivors.
This is a breaking story. Check back for updates.
Source: | This article originally belongs to Nbcnews.com
