JPMorgan settles claims that it enabled Jeffrey Epstein's sex trafficking acts for USD 75 million

JPMorgan Chase has agreed to pay USD 75 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 that USD 55 million of the settlement will go toward local charities and assistance for victims. Another USD 20 million will go toward legal fees.

The Virgin Islands, where Epstein had an estate, sued JPMorgan 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 died by suicide in a federal jail in 2019.