Today, JPMorgan Chase announced that it has reached an agreement in principle with the United States Virgin Islands (USVI) government to resolve pending litigation related to Jeffrey Epstein. The settlement terms provide for a payment by JPMorgan Chase of $55 million – the majority of which will go to local charities and assisting victims – plus an additional $20 million in attorneys’ fees.
The settlement agreement includes the following:
- $30MM will be contributed by JPMorgan Chase to support USVI charitable organizations whose work is aimed at addressing social ills, including fighting human trafficking and other sex crimes, and to support survivors on their paths to healing.
- $25MM will be paid to the USVI to enhance the infrastructure and capabilities of law enforcement to prevent and combat human trafficking and other crimes in their territories.
JPMorgan Chase believes this settlement is in the best interest of all parties, particularly for those who can benefit from efforts to combat human trafficking, and for survivors who suffer unimaginable abuse at the hands of these criminals. While the settlement does not involve admissions of liability, the firm deeply regrets any association with this man, and would never have continued doing business with him if it believed he was using the bank in any way to commit his heinous crimes. The firm will continue to work with law enforcement to combat human trafficking and help to identify improper money movement into the global payments systems.
An agreement has also been reached with former executive James Edward Staley to resolve JPMorgan Chase’s claims against him. The terms of the agreement with Staley are confidential.
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