US Virgin Islands seeks $190 million penalties from JPMorgan Chase for aiding Epstein’s sex trafficking and not reporting suspicious activity.
In a court filing, the Virgin Islands government stated that it also wants JPMorgan Chase to hire an independent compliance expert to combat human trafficking and split its business and compliance responsibilities.
Epstein was discovered dead in a detention cell in 2019 which was subsequently determined to be a suicide; his death occurred before he could face federal allegations of sexually abusing minor girls.
Since then, the investigation into his alleged conduct, the legal ramifications, and the effects on persons and organizations around the world has been ongoing.
Aside from the almost $300 million JPMorgan committed to pay victims last month to resolve a lawsuit by one of Epstein’s accusers, the American territory also declared it will seek additional compensation exclusively for Epstein’s victims.
The bank, which has vehemently denied any wrongdoing, did not include a sum for these new damages in the application.
The suit accuses JPMorgan of benefiting from Epstein’s trafficking during his 15-year association with the bank, despite raised red flags by employees. Epstein used his bank accounts to fund the trafficking.
JPMorgan allowed Epstein to retain millions of dollars in these accounts, allegedly contributing to the exploitation of young women.
Pay for a Lawsuit Settlement
JPMorgan agreed last month to pay $290 million to Epstein’s victims in order to settle a lawsuit brought by one of his accusers in the same court where the Virgin Islands are suing the bank. JPMorgan did this without admitting any wrongdoing.
To resolve a separate case brought by an accuser who claimed that Deutsche Bank’s back was complicit in Epstein’s sex trafficking of her and others, the bank agreed to pay the Epstein victims $75 million in May.
After JPMorgan broke up its relationship with Epstein in 2013, years after bank staff first raised concerns about him, Deutsche Bank brought him on as a client.