US Virgin Islands pursues $190 million compensation from JPMorgan in link to the Epstein scandal
In a series of developments, JPMorgan Chase is facing renewed scrutiny and potential legal action over its relationship with the late Jeffrey Epstein.
Last month, the bank agreed to pay Epstein's victims $290 million in a settlement of a class-action lawsuit. However, the settlement does not admit any wrongdoing by the bank. The case against JPMorgan Chase is heading towards a scheduled Oct. 23 trial.
Meanwhile, the U.S. Virgin Islands, where Epstein is accused of setting up a sex trafficking operation, is seeking additional compensatory damages for Epstein's victims beyond the agreed-upon sum. The territory is also seeking at least $150 million in civil penalties from JPMorgan Chase.
The U.S. Virgin Islands Attorney General, Ariel Smith, wants JPMorgan to implement new policies to prevent human trafficking. The proposed new policies include separating business and compliance functions and designating an independent compliance consultant.
Reports suggest that JPMorgan Chase could be in settlement negotiations with the U.S. Virgin Islands. However, the bank has stated that the filing "does not reflect the nature of settlement conversations."
It's worth noting that JPMorgan Chase is claimed to have generated $40 million in fees tied to its relationship with Epstein. The bank has not publicly commented on the allegations.
Deutsche Bank, another financial institution with ties to Epstein, acknowledged its error in onboarding Epstein as a client in 2013 and learning from its mistakes and shortcomings. Deutsche Bank agreed to settle an alleged Epstein victim's class-action lawsuit for $75 million.
Jeffrey Epstein died in a Manhattan jail cell in August 2019, sparking widespread controversy and investigations into his dealings. The search results do not contain information about the independent investigation consultant that the U.S. Virgin Islands are considering to monitor compliance at JPMorgan Chase.
As the legal proceedings continue, JPMorgan Chase and Deutsche Bank will likely face further scrutiny over their roles in the Epstein saga. The public will be watching closely to see how these financial institutions respond to the allegations and what measures they take to prevent such incidents in the future.
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