JPMorgan Chase will pay $75 million to settle a lawsuit with the U.S. Virgin Islands over allegations that it facilitated Jeffrey Epstein’s sex-trafficking operation, the bank said on Tuesday.
The settlement agreement includes a $30-million contribution to charitable organizations in the Virgin Islands that focus on fighting human trafficking and providing support to survivors, as well as a $25-million payment to the Virgin Islands for enhancing its capabilities to combat human trafficking.
The remaining $20 million will go toward the attorneys’ fees amassed by the Virgin Islands, JPMorgan said in a news release.
The settlement does not include any admission of wrongdoing. The Virgin Islands had accused JPMorgan of facilitating Epstein’s crimes by continuing to provide the convicted sex offender with access to his bank accounts despite “obvious red flags.”
“While the settlement does involve admissions of liability, 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,” the bank said.
The Virgin Islands touted the agreement on Tuesday as a “historic victory for survivors and for state enforcement,” noting that $10 million of the settlement will go toward creating a fund to provide mental health services for Epstein’s survivors.
“As part of the settlement, JPMorgan has agreed to implement and maintain meaningful anti-trafficking measures, which will help prevent human trafficking in the future,” Virgin Islands Attorney General Ariel Smith said in a statement.
“This settlement is an historic victory for survivors and for state enforcement, and it should sound the alarm on Wall Street about banks’ responsibilities under the law to detect and prevent human trafficking,” Smith added.
JPMorgan also said on Tuesday that it had reached an agreement to settle its claims against former executive Jes Stanley related to Epstein. The terms of the settlement are confidential.
The two settlements will resolve the bank’s remaining litigation related to Epstein, it said. JPMorgan previously agreed to pay $290 million to settle a class action lawsuit with Epstein’s victims in June.
Updated at 12:17 p.m.