JPMorgan Chase Settles with US Virgin Islands for $75M Over Claims it Enabled Jeffrey Epstein's Sex Trafficking

JPMorgan Chase reached a $75 million settlement with US Virgin Islands over lawsuit alleging the bank enabled Jeffrey Epstein's sex crimes
Settlement includes commitments to curtail human trafficking and $75M payment to USVI
USVI sued JPMorgan in December claiming bank benefited from Epstein's trafficking and failed to report suspicious activity
JPMorgan says not conceding liability, regrets any association with Epstein
$30M will support trafficking victim charities, $25M to USVI, $20M legal fees

cnn.com

Relevant topic timeline:

8/19/2023

Epstein referred former Obama White House counsel to JPMorgan as client

Main Topic: Jeffrey Epstein referred former Obama White House counsel Kathryn Ruemmler to JPMorgan Chase as a client in 2019. Key Points: 1. Epstein's assistant emailed a JPMorgan Chase executive recommending Ruemmler as a customer. 2. JPMorgan Chase terminated Epstein as a client in 2013, but he referred several ultra-wealthy clients to the bank. 3. The U.S. Virgin Islands is suing the bank, alleging it facilitated Epstein's sex trafficking enterprise and failed to report suspicious financial activity.

8/23/2023

Goldman, JPMorgan, Morgan Stanley, UBS in $499 million stock lending settlement

Goldman Sachs, JPMorgan Chase, Morgan Stanley, and UBS have agreed to pay $499 million to settle an antitrust lawsuit accusing them of conspiring to stifle competition in the stock lending market.

9/1/2023

JPMorgan processed more than $1 billion for Epstein, US Virgin Islands says

JPMorgan Chase processed over $1 billion for Jeffrey Epstein over 16 years, according to disclosures made to U.S. authorities, which are now being used in a lawsuit filed by the U.S. Virgin Islands against the bank.

9/7/2023

JPMorgan moves into deposit tokens for settlements: Report

JPMorgan is developing a blockchain-based solution for cross-border transactions called deposit tokens, which will allow settlements between banks for corporate clients, pending regulatory approval.

9/12/2023

JPMorgan Chase Reported Over $1 Billion in 'Suspicious' Jeffrey Epstein Transactions

JPMorgan Chase allegedly informed the government of over $1 billion in suspicious transactions related to human trafficking by Jeffrey Epstein, according to a lawyer representing the U.S. Virgin Islands in its lawsuit against the bank.

9/27/2023

Banks Pay Heavy Price Over Ties to Jeffrey Epstein's Sex Trafficking Ring

JPMorgan agrees to pay $75 million to settle allegations that it facilitated Jeffrey Epstein's human trafficking operations, adding to the substantial costs incurred by the scandal that involved other prominent industry figures and banks, but with little long-term impact on Wall Street.

10/11/2023

JPMorgan Pioneers Blockchain Settlement with BlackRock and Barclays; Coinbase Faces Opposition Over Crypto Status; Ellison Admits to Fraud Ordered by Bankman-Fried; Crypto Developers Decline to 2020 Lows; Posts Edited by Parikshit Mishra

JPMorgan executes its first live blockchain-based collateral settlement transaction using its Ethereum-based Onyx blockchain and Tokenized Collateral Network, Coinbase's legal fight over the status of crypto faces new challenges, and a former CEO testifies against FTX's founder in a fraud case.

10/13/2023

JPMorgan Chase Reports Higher Than Expected Profits and Revenue in Q3 Despite Economic Headwinds

JPMorgan Chase's profits surge in the third quarter, surpassing expectations and reinforcing the bank's dominance despite the challenges faced by the industry; CEO Jamie Dimon warns of economic risks, including inflation, rising interest rates, and global conflicts in Ukraine and Israel.

10/23/2023

JPMorgan Chase Reaches $290M Settlement Over Jeffrey Epstein Ties, But States Object to Terms

The $290 million settlement between JPMorgan Chase and Jeffrey Epstein's accusers is being objected by several US states, citing concerns that the agreement could impede their ability to seek compensation for sexual abuse victims.

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Posted 9/26/2023, 8:55:00 PM