US government virgin islands and court Friday’s filing is estimated to seek at least $190 million in damages. JP Morgan Chase and lawsuit Former longtime customer Jeffrey Epstein has accused a major bank of facilitating sex trafficking.
The Virgin Islands also said it wanted an order requiring JP Morgan to take a series of measures to protect young women and girls from other predators in the future.
“These sets of recommendations are intended to address the same core issue: JP Morgan’s knowledge.
Did not report Epstein’s trafficking because it lacked economic incentives and motivations
We put law enforcement and the prevention of human trafficking above our own interests,” the Manhattan District Court filing said.
The U.S. territories have also made additional payments to Epstein’s victims, in particular, over the approximately $300 million JP Morgan agreed to pay victims last month for settling a lawsuit filed by one of Epstein’s accusers. He said he would seek compensation. The complaint does not specify additional damages from the bank, which categorically denies any wrongdoing.
The new filing was made last week in response to a request by Jed Rakoff to provide details of the damages the Territory is seeking in the case for a trial scheduled for October 23. It has been submitted.
The Virgin Islands lawsuit alleges that JP Morgan profited from the trafficking of young women who were abused by Mr. Epstein during the 15 years he was a client of the nation’s largest bank.
The lawsuit alleges that JPMorgan refused to allow Epstein to bank millions of dollars to fund the trafficking of women, despite multiple red flags raised by bankers over the years about him. He claims to have allowed it.
U.S. Virgin Islands Attorney General Ariel Smith said in a statement on Friday, “We are pursuing this enforcement action because JPMorgan Chase’s institutional failure enabled Jeffrey Epstein to be sex trafficked.” “Morgan Chase must make significant changes to detect, report and stop human trafficking.”
“Penalties and behavior changes are important to make JPMorgan Chase realize the costs of putting its own interests ahead of public safety,” Smith said.
He said that if the Virgin Islands wins the lawsuit, the monetary damages received will be used to “support efforts to strengthen, inform and expand local law enforcement agencies to help victims of human trafficking and other victims of crime.” We will use it to enhance Virgin Islands services to our customers.” . “
A JPMorgan spokeswoman, when asked for comment on the lawsuit, indicated for the first time that the bank’s attorneys had discussed the possibility of settling the lawsuit to avoid trial with Virgin Islands lawyers.
“This document does not reflect the nature of the settlement negotiations,” said spokeswoman Patricia Wexler. “As to USVI’s erroneous damages theory, it is not well-founded and has been challenged by JPM in court.”
In civil lawsuits, cases are generally resolved without a trial.
The Virgin Islands are seeking at least $150 million in civil penalties alone, according to filings. The filing also tells JP Morgan that of the fees Epstein has incurred for the bank, and the fees JP Morgan has received from “many ultra-high net worth clients” to which Epstein referred to the bank, It is also said to be seeking to collect at least another $40 million.
Those customers include Google co-founder Sergey Brin, Microsoft founder Bill Gates, limited brand founder Rex Wexner and billionaire Glenn Dubin, according to the filing. It is said that there is
In addition to monetary damages, the Virgin Islands also told JP Morgan, according to a Sumitt firm press release, that it will “separate business and compliance functions and appoint independent compliance consultants to prevent human trafficking.” It also seeks to force the implementation of “new policies in the country.” .
In its own court filings, JP Morgan accused the Virgin Islands itself of being “complicit in Jeffrey Epstein’s crimes.”
The bank alleges that Epstein turned a blind eye when he trafficked and abused a young woman, giving money, advice and favors to high-ranking officials in the country.
Epstein has a residence on a private island in the territory, where the accusers allege he was sexually abused by Epstein and others.
Last month, in the same courtroom where the Virgin Islands are suing the bank, JP Morgan, without admitting wrongdoing, agreed to pay victims $290 million as a settlement of a lawsuit filed by one of Epstein’s accusers. .
in May, Deutsche Bank It agreed to pay Epstein’s victims $75 million in settlement of another lawsuit filed by a whistleblower who accused him of aiding Epstein’s sex trafficking. Deutsche Bank welcomed Epstein as a client after JP Morgan cut ties with him in 2013, years after bankers first voiced concerns about him.
Deutsche Bank previously agreed to pay the New York State Department of Financial Services a $150 million fine for failing to detect or prevent millions of dollars of suspicious Epstein-related transactions. , which included “payments to Russian models and numerous women with Eastern European surnames.” Friday’s application by the Virgin Islands said:
Epstein, a friend of former Presidents Donald Trump, Bill Clinton and Britain’s Prince Andrew, pleaded guilty in 2008 to a charge of soliciting sexual acts from an underage girl in Florida. . He served his 13 months in prison, but spent much of that time releasing jobs every day.
Epstein, then 66, committed suicide in New York federal prison in August 2019, a month after being arrested on federal child sex trafficking charges.
