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JPMorgan stated Tuesday that $US55 million ($85.8 million) of the settlement will go towards native charities and help for victims. One other $US20 million ($31.2 million) will go towards authorized charges.
The Virgin Islands, the place Epstein had an property, sued JPMorgan final yr, 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”.
In impact, the Virgin Islands had argued that JPMorgan had been complicit in Epstein’s behaviour and didn’t increase any purple flags to regulation enforcement or financial institution regulators about Epstein being a “excessive threat” buyer and making repeated giant money withdrawals.
The financial institution additionally stated it reached a confidential authorized settlement with James “Jes” Staley, the previous prime JPMorgan government who managed the Epstein account earlier than leaving the the financial institution.
JPMorgan sued Staley earlier this yr, alleging that he coated up or minimised Epstein’s wrongdoing with a view to preserve the profitable account.
Epstein died by suicide in a federal jail in 2019.
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