JPMorgan settles $75M lawsuit over Epstein ties

From the settlement, $10 million will be reserved for mental health services for Epstein’s survivors

NEW YORK – JPMorgan Chase has agreed to a $75 million settlement with the U.S. Virgin Islands following allegations that the bank facilitated Jeffrey Epstein’s illegal activities for over a decade.

Of the agreed amount, $55 million will be directed to local charities and support for victims, while the remaining $20 million will be used for legal expenses.

Although the bank has clarified that the settlement does not include any admission of wrongdoing, it has expressed regret over its association with Epstein.

A representative from JPMorgan emphasized the bank’s satisfaction that the settlement funds will be used by the U.S. Virgin Islands to bolster law enforcement efforts against human trafficking and related crimes.

From the settlement, $10 million will be reserved for mental health services for Epstein’s survivors.

The U.S. Virgin Islands Attorney General, Ariel Smith, expressed pride in supporting the survivors and conveyed hopes of forging a renewed relationship with JPMorgan after the settlement.

The lawsuit against JPMorgan, which began last year, criticized the bank for allegedly ignoring Epstein’s actions and continually financing him.

The resolution comes just ahead of the case’s scheduled trial.

JPMorgan served as Epstein’s banker from 1998 to 2013. Earlier this year, the bank settled another lawsuit with Epstein survivors for $290 million.

In 2008, Epstein was convicted for child prostitution and, in 2019, died by suicide while awaiting trial on federal sex-trafficking charges.