JP Morgan reaches settlement agreements with US Virgin Islands and Jes Staley in Epstein lawsuits

JP Morgan Chase has reached settlements with the US Virgin Islands and former executive Jes Staley to resolve lawsuits related to its alleged involvement with convicted sex offender Jeffrey Epstein. As part of the settlements, the bank will pay $75 million to the territory, which claimed that the bank facilitated Epstein's sex trafficking ring. JP Morgan did not admit any wrongdoing in the settlement. The bank has previously settled with Epstein's victims for $290 million. Jes Staley, a former boss at the bank, also reached a confidential settlement with JP Morgan. Staley has denied knowing about Epstein's sex crimes. The settlement with the US Virgin Islands includes $30 million for local charities, $25 million to strengthen law enforcement around human trafficking, and $20 million for legal fees. JP Morgan stated that it believed the settlement was in the best interest of all parties involved. The settlement aims to draw a line under the legal battle that has scrutinized the bank's ties to Epstein. Epstein died in prison in August 2019 while awaiting trial for sex trafficking of minors. The settlement will also allocate $10 million to create a fund for mental health services for Epstein's victims.