JP Morgan pays $75M to settle Epstein sex-trafficking lawsuit.
OAN’s Sophia Flores
4:44 PM – Tuesday, September 26, 2023
JPMorgan Chase has reached a settlement with the U.S. Virgin Islands and former executive Jes Stanley. The lawsuit alleged that the bank was aware, helped, and even benefited from Jeffrey Epstein’s trafficking of minors.
On Tuesday, JPMorgan Chase announced that they will pay $75 million to the territory to settle the lawsuit, which alluded to the fact that the bank facilitated Epstein’s sex trafficking ring.
However, JPMorgan did not admit any fault or wrong doing in the case and reiterated that it “deeply regrets any association” with the disgraced financier.
“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,” bank reps said.
Of the $75 million settlement, $30 million of it will reportedly go to support local charities working to end human trafficking and $25 million will go to efforts to strengthen law enforcement around human trafficking. The last $20 million will be dedicated to legal fees.
U.S. Virgin Islands officials felt content with the settlement, saying it was “in the best interest of all parties.”
The settlement “should sound the alarm on Wall Street about banks’ responsibilities under the law to detect and prevent human trafficking,” said Ariel Smith, the attorney general for the U.S. Virgin Islands. “We are proud to have stood alongside the survivors throughout this litigation, and this settlement reflects our continued commitment to them,” she continued.
Epstein was a client of JP Morgan from 1998 until 2013.
According to the criminal indictment, Epstein ran a sex trafficking enterprise where he paid girls (and possibly boys) as young as 11-years-old to have sex with him and his colleagues between 2002 and 2005.
Epstein also had his own personal employees whose job it was to lure children to his many residences.
Jes Stanley, JP Morgan’s former bank executive, was believed to be friends with Epstein, although the terms of his legal agreement remain confidential.
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What were the allegations made against JPMorgan Chase in the lawsuit regarding Jeffrey Epstein’s trafficking of minors?
JPMorgan Chase Reaches Settlement in Lawsuit Alleging Connections to Jeffrey Epstein’s Trafficking of Minors
JPMorgan Chase has recently reached an agreement to settle a lawsuit with the U.S. Virgin Islands and former executive Jes Stanley. The lawsuit accused the bank of being aware of, assisting, and profiting from Jeffrey Epstein’s trafficking of minors.
The settlement, announced on Tuesday, entails JPMorgan Chase paying $75 million to the territory to resolve the lawsuit, which implicated the bank in facilitating Epstein’s sex trafficking ring.
It is important to note that JPMorgan Chase has not admitted any fault or wrongdoing in the case. The bank reiterated that it deeply regrets any association with the disgraced financier.
“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,” said bank representatives.
Of the $75 million settlement, $30 million is expected to be allocated to support local charities dedicated to eradicating human trafficking. Another $25 million will be used to enhance law enforcement efforts in combating human trafficking. The remaining $20 million will be dedicated to covering legal fees.
Officials from the U.S. Virgin Islands expressed their satisfaction with the settlement, stating that it is in the best interest of all parties involved.
“The settlement should sound the alarm on Wall Street about banks’ responsibilities under the law to detect and prevent human trafficking,” said Ariel Smith, the Attorney General for the U.S. Virgin Islands. “We are proud to have stood alongside the survivors throughout this litigation, and this settlement reflects our continued commitment to them,” she added.
It was revealed that Epstein had been a client of JP Morgan from 1998 until 2013. According to the criminal indictment, Epstein operated a sex trafficking enterprise, and he allegedly paid girls (and possibly boys) as young as 11 years old to engage in sexual activities with him and his associates between 2002 and 2005. Epstein also employed individuals whose role was to lure children to his various residences.
While Jes Stanley, JPMorgan Chase’s former bank executive, was said to be friends with Epstein, the details of their legal agreement remain confidential.
In conclusion, JPMorgan Chase’s settlement with the U.S. Virgin Islands and Jes Stanley marks an important step in addressing the serious allegations surrounding the bank’s connection to Epstein’s trafficking of minors. The settlement highlights the need for banks to fulfill their responsibilities in detecting and preventing human trafficking, as well as the commitment of government officials to support survivors of such heinous crimes.
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