The U.S. Virgin Islands (USVI) has demanded $190 million from JPMorgan Chase. This is to resolve a lawsuit accusing the bank of ignoring Jeffrey Epstein’s sex trafficking. The USVI filed the lawsuit in 2022. They allege that JPMorgan enabled Epstein’s abuse by providing him with banking services and ignoring red flags about his activities.
The USVI’s demand for $190 million includes a $150 million civil penalty. Additionally, it includes $40 million in restitution to Epstein’s victims and $20 million in punitive damages. The USVI also wants JPMorgan to be barred from doing business in the territory.
JPMorgan has denied the allegations in the lawsuit. The bank has stated that it will “vigorously defend” itself. The case is still pending in federal court.
The demand for $190 million is the latest development in the long-running saga of Jeffrey Epstein and his associates. Epstein, a wealthy financier, was accused of sexually abusing dozens of underage girls. He was arrested in 2019 and died by suicide in jail a few weeks later.
The USVI’s lawsuit is one of several filed against JPMorgan in connection with Epstein. In 2023, JPMorgan agreed to pay $290 million to settle a lawsuit filed by Epstein’s victims. However, the settlement is still pending final approval from a judge.
The USVI’s demand for $190 million is a significant sum. It remains to be seen whether JPMorgan will agree to settle. The case is likely to drag on for some time, and it could have implications for other banks that did business with Epstein.
