In order to resolve its legal dispute regarding infamous pedophile Jeffrey Epstein, JPMorgan Chase (JPMC) and the U.S. Virgin Islands (USVI) reportedly disclosed their settlement in separate news statements on Tuesday.
JPMC agreed to pay $75 million to the USVI.
According to a JPMorgan news release, the bank and USVI have agreed to a $55 million payment from the bank and an extra $20 million for legal costs.
As part of the settlement, the bank will give $30 million to charitable groups in the USVI, including those fighting human trafficking and sex crimes.
JPMorgan will also donate $25 million to the USVI in order to strengthen the capacity of the territory’s law enforcement and more effectively combat human trafficking.
In a news release of its own, the USVI praised JPMorgan’s promises and the $75 million in payments the bank will make to the territory.
For soliciting a minor for prostitution in Florida in 2008, Epstein received a sentence of around a year in prison.
After being freed, he made the US Virgin Islands his home and allegedly operated his sex trafficking business from Little St. James island.
Little St. James and Epstein’s other private island will be sold by his estate as part of a $105 million settlement with the USVI in December 2022.
Epstein’s Islands were bought by a millionaire real estate investor in May 2023 with the intention of turning them into a resort.
In July 2019, Epstein was charged by federal authorities with sex trafficking; however, a month later, he was discovered dead in his cell in a jail in New York City.
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