The US Virgin Islands said it wants JPMorgan Chase to pay a minimum of $190 million to resolve a lawsuit accusing the most important US bank of ignoring the disgraced late financier Jeffrey Epstein’s sex trafficking.
In a Friday filing in federal court in Manhattan, the territory said it wants JPMorgan to pay a $150 million civil high-quality, and hand over a minimum of $40 million from its 15-year relationship with Epstein.
It also wants JPMorgan to pay compensatory damages suffered by Epstein’s victims, in addition to punitive damages.
Jeffrey Epstein’s estate on Little Saint James Island.AP
The US Virgin Islands wants JPMorgan held chargeable for providing banking services to Jeffrey Epstein from 1998 to 2013.Florida Department of Law Enforc/AFP via Getty Images
A big payout is acceptable because JPMorgan “lacked the economic incentive and motivation to put compliance with the law and prevention of trafficking ahead of its own profits,” the territory’s lawyer said within the filing.
JPMorgan didn’t immediately reply to requests for comment.
Friday’s letter marks the primary time the US Virgin Islands has put a dollar figure on any sum it wants JPMorgan to pay for relationship with Epstein.
The territory wants JPMorgan held chargeable for providing banking services to Epstein from 1998 to 2013, enabling him to pay his victims, and ignoring internal warnings and other red flags since it valued him as a wealthy client.
Friday’s letter marks the primary time the US Virgin Islands has put a dollar figure on any sum it wants JPMorgan to pay for relationship with Epstein.Christopher Sadowski
Epstein, who died by suicide in August 2019, had owned two neighboring islands throughout the territory, including one which authorities said he bought to maintain people from spying on him as he sexually abused young women and girls on the opposite.
A trial is scheduled for Oct. 23.
