JPMorgan Chase agreed Tuesday to pay $75 million to the U.S. Virgin Islands to settle claims that the bank enabled the sex trafficking acts committed by financier Jeffrey Epstein.
JPMorgan said that $55 million of the settlement will go toward local charities that provide assistance to victims of domestic abuse and trafficking and other crimes, as well as to enhance the capabilities of local law enforcement. Of that amount, $10 million will be used to create a fund to provide mental health services for Epstein’s survivors, according to the Virgin Islands Department of Justice.
The Virgin Islands, where Epstein had an estate, sued JPMorgan last year, saying its investigation had 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.” It had been seeking penalties and disgorgement of at least $190 million, in addition to other damages.
