JPMorgan Settles Epstein Case With $75M Payment

JPMorgan Chase will pay $75 million to close an ugly chapter in the banking giant's history. The payment settles a lawsuit brought by the US Virgin Islands that accused the bank of turning a blind eye to the sex trafficking of girls by Jeffrey Epstein, reports the New York Times. The suit alleged that JPMorgan, the nation's largest bank, ignored warning signs and enabled Epstein's trafficking for years because it feared losing him as a customer, per CNBC. The bank knew he was paying large sums to young women, some of them teens, without valid explanations, according to the lawsuit. JPMorgan admits no wrongdoing in the settlement with the US territory, where Epstein had an estate, per the AP.

"As part of the settlement, JPMorgan has agreed to implement and maintain meaningful anti-trafficking measures," said Virgin Islands Attorney General Ariel Smith, per CNBC. She called it a "historic victory" and said "it should sound the alarm on Wall Street about banks' responsibilities under the law to detect and prevent human trafficking." The territory says it will use the proceeds to help victims of sexual abuse and to help law enforcement fight sex trafficking. The settlement comes about a month before the two sides were scheduled to go to trial. (More JPMorgan Chase stories.)