JPMorgan Chase to pay U.S. Virgin Islands $75 million to resolve sex trafficking scandal

JPMorgan Chase, a top provider of financial services globally, has agreed to pay the U.S. Virgin Islands $75 million to resolve allegations that the bank permitted financier Jeffrey Epstein to engage in sex trafficking.
According to the Voice of Nigeria (VOA), JPMorgan said on Tuesday that $55 million of the settlement will go towards local charities and victim support. Another $20 million will be spent on legal fees.
Mr Epstein was an American sex offender and financier until his demise in a federal prison in 2019.
The Virgin Islands, where the sex offender had an estate, filed a lawsuit against JPMorgan last year, alleging that its investigation indicated that the financial services firm enabled Mr Epstein’s recruiters to pay victims and was “indispensable to the operation and concealment of the Epstein trafficking enterprise.”
The Virgin Islands alleged that JPMorgan was involved in Mr Epstein’s behaviour by failing to alert law enforcement or bank regulators to his status as a “high-risk” customer who made repeated significant cash withdrawals.
The bank also announced a private lawsuit settlement with James “Jes” Staley, a former top JPMorgan official who oversaw Mr Epstein’s account before leaving the firm.
JPMorgan sued Mr Staley earlier this year, accusing him of covering up or downplaying Mr Epstein’s crimes to keep the lucrative business.
JPMorgan had already agreed to pay $290 million in a class-action lawsuit involving victims of Mr Epstein’s drug trafficking activities in June.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

Port Harcourt
Police condemn gruesome killing of four in River communityÂ
The command’s spokesperson described the incident as unfortunate and disturbing.Â

States
Gov Sule sacks six commissioners in cabinet reshuffle
Mr Magaji added that the former commissioners would continue to be part of the government.

Health
MSF raises alarm over rising cholera cases in Borno
Mr Yakubu said MSF currently supports two cholera treatment centres and five cholera treatment units.

NationWide
FAAN launches waste recycling scheme at MMIA
Ms Kuku said the first phase involved introducing indoor colour-coded waste recycling bins across airport terminals.

Agriculture
Farming is reliable income generation in retirement: Poultry Association
Mr Adegbenro said that poultry farming remains a verifiable tool to combat the challenges associated with retirement.

States
Man, 55, remanded in Edo over alleged kidnapping
the Defence Counsel, Emmanuel Afolabi (SAN), did not oppose the prosecution’s application.





