The government of the U.S. Virgin Islands has recently filed a court document seeking a minimum of $190 million in penalties from JPMorgan Chase. This action is a response to the bank’s failure to detect and report the notorious sex trafficking operation orchestrated by the disgraced financier Jeffrey Epstein within the U.S. territory.
In the legal filing, attorneys representing the Virgin Islands disclosed this substantial amount in light of an inquiry made by the federal judge overseeing the lawsuit against JPMorgan last year. The suit alleges that the bank turned a blind eye to Epstein’s heinous activities.
Furthermore, the Virgin Islands’ attorney general’s office stated its intention to implement new policies targeting the prevention of financial services to human traffickers. This proactive approach aims to hold JPMorgan Chase accountable for its institutional failure, which enabled Epstein’s sex trafficking operations.
U.S. Virgin Islands Attorney General Ariel Smith commented, “We are pursuing this enforcement action because JPMorgan Chase’s institutional failure enabled Jeffrey Epstein’s sex trafficking.”
On the other hand, Patricia Wexler, a spokesperson for JPMorgan, responded by stating that the mentioned document does not accurately reflect the nature of settlement discussions. She also highlighted that the Virgin Islands’ legal theories lack foundation and are currently being disputed by JPMorgan in court.
JPMorgan Chase, in its court documents, argues that the Virgin Islands government itself took minimal action to deter any illegal activities carried out by Epstein on his private island residence near St. Thomas.
It is important to note that JPMorgan Chase has already agreed to pay $290 million as part of a settlement in a class-action lawsuit filed on behalf of Epstein’s victims. This lawsuit, initiated by the victims’ lawyers, was joined with the Virgin Islands’ lawsuit for legal discovery purposes. However, no settlement has been reached between the bank and the Virgin Islands government yet.
The lawsuit filed by the Virgin Islands is scheduled for a potential trial in October in federal court in Manhattan. The government of the Virgin Islands identifies its legal action as an enforcement mechanism against the bank, seeking substantial restitution and aiming to deter future misconduct. The requested amount of $190 million includes penalties as well as the disgorgement of fees derived from business claimed by the Virgin Islands to be directed towards JPMorgan by Epstein.
Last year, the U.S. territory reached a significant $105 million settlement with Epstein’s estate following his tragic death in August 2019 while in federal custody, facing charges related to sex trafficking.
Lawyers representing Epstein’s victims state that at least 200 women, several of them teenagers at the time, were subjected to sexual abuse by the financier in his private residences in the Virgin Islands, Manhattan, Florida, and other locations. Epstein maintained a private island residence near St. Thomas for nearly two decades and conducted his investment advisory businesses from the Virgin Islands.
The Virgin Islands government is receiving legal assistance from the law firm Motley Rice, based in South Carolina, in all litigation related to Epstein. Motley Rice has a retainer agreement with the Virgin Islands government, entitling them to a portion of any settlements and recoveries as compensation.
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