JP Morgan reaches settlement with US Virgin Islands over Epstein case

(Sharecast News) - JPMorgan Chase on Tuesday said it had reached settlements with the US Virgin Islands (USVI) and former executive Jes Staley to resolve lawsuits over sex trafficking by the disgraced financier Jeffrey Epstein.

The settlements are the last in a major series litigation involving women who said Epstein sexually abused them, ensnaring major business figures in the saga.

JPMorgan said its $75m settlement with the USVI includes $30m to support charitable organizations, $25m to strengthen law enforcement to combat human trafficking, and $20m in lawyer fees. It did not admit liability in agreeing to settle.

Terms of its settlement with Staley, a former Epstein friend who had been JPMorgan's private banking chief, are confidential.

In June, JPMorgan agreed to pay $290 m to resolve claims by dozens of Epstein's accusers. Epstein had been a JPMorgan client from 1998 until 2013, when the bank terminated their relationship.

"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," JPMorgan said in a statement.

Reporting by Frank Prenesti for Sharecast.com