This March 28, 2017, photograph offered by the New York State Sex Offender Registry exhibits Jeffrey Epstein. JPMorgan Chase has agreed to pay $75 million to the U.S. Virgin Islands to settle claims that the financial institution enabled Epstein’s intercourse trafficking.

New York State Sex Offender Registry through AP, File

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New York State Sex Offender Registry through AP, File

This March 28, 2017, photograph offered by the New York State Sex Offender Registry exhibits Jeffrey Epstein. JPMorgan Chase has agreed to pay $75 million to the U.S. Virgin Islands to settle claims that the financial institution enabled Epstein’s intercourse trafficking.

New York State Sex Offender Registry through AP, File

NEW YORK — JPMorgan Chase agreed Tuesday to pay $75 million to the U.S. Virgin Islands to settle claims that the financial institution enabled the intercourse trafficking acts dedicated by financier Jeffrey Epstein.

JPMorgan stated that $55 million of the settlement will go towards native charities that present help to victims of home abuse and trafficking and different crimes, in addition to to boost the capabilities of native legislation enforcement. Of that quantity, $10 million shall be used to create a fund to supply psychological well being providers for Epstein’s survivors, in accordance the Virgin Islands Department of Justice.

The Virgin Islands, the place Epstein had an property, sued JPMorgan final 12 months, saying its investigation has revealed that the monetary providers large enabled Epstein’s recruiters to pay victims and was “indispensable to the operation and concealment of the Epstein trafficking enterprise.” It had been searching for penalties and disgorgement of a minimum of $190 million, along with different damages.

In impact, the Virgin Islands had argued that JPMorgan had been complicit in Epstein’s habits and didn’t elevate any crimson flags to legislation enforcement or financial institution regulators about Epstein being a “high risk” buyer and making repeated massive money withdrawals.

The settlement averts a trial that had been set to start out subsequent month.

The financial institution additionally stated it reached an confidential authorized settlement with James “Jes” Staley, the previous high JPMorgan govt who managed the Epstein account earlier than leaving the the financial institution. JPMorgan sued Staley earlier this 12 months, alleging that he coated up or minimized Epstein’s wrongdoing to be able to keep the profitable account.

JPMorgan had already agreed to pay $290 million in June in a class-action lawsuit that concerned victims of Epstein’s trafficking crimes.

Epstein died by suicide in a federal jail in 2019.