U.S. financier Jeffrey Epstein appears in a photograph taken for the New York State Division of Criminal Justice Services’ sex offender registry on March 28, 2017, and obtained by Reuters on July 10, 2019.
The government of the U.S. Virgin Islands filed a court lawsuit on Friday, seeking damages of at least $190 million from JPMorgan Chase for allegedly facilitating sex trafficking by their former client Jeffrey Epstein.
The Virgin Islands also wants JPMorgan to implement measures to protect young women and girls from predators in the future.
In response to Judge Jed Rakoff’s request, the Virgin Islands provided details of the damages sought in the case as it moves towards trial.
The lawsuit accuses JPMorgan of benefiting financially from Epstein’s trafficking of young women, even after numerous red flags were raised by bank employees.
U.S. Virgin Islands Attorney General Ariel Smith stated, “We are taking action against JPMorgan Chase because their failure allowed Jeffrey Epstein’s sex trafficking to occur. JPMorgan Chase must make significant changes to prevent human trafficking.”
Smith added, “Financial penalties and conduct changes will ensure JPMorgan Chase understands the consequences of prioritizing profits over public safety.”
If the Virgin Islands wins the lawsuit, the monetary damages received will be used to support local law enforcement efforts and enhance services for victims of human trafficking and other crimes.
In addition to monetary damages, the Virgin Islands is requesting JPMorgan to implement new policies, including separating business and compliance functions, and appointing an independent compliance consultant to prevent human trafficking, according to a press release from Smith’s office.
JPMorgan has denied wrongdoing and accused the Virgin Islands of being “complicit in the crimes of Jeffrey Epstein,” alleging that Epstein provided money and favors to high-ranking officials in exchange for their complicity in his activities.
Epstein had a residence on a private island in the Virgin Islands where he and others abused victims.
Recently, JPMorgan agreed to pay $290 million to settle a lawsuit filed by one of Epstein’s victims without admitting wrongdoing.
In May, Deutsche Bank agreed to pay Epstein victims $75 million to settle a separate lawsuit, alleging that the bank aided and abetted Epstein’s sex trafficking.
Epstein, known for his associations with notable individuals such as Donald Trump, Bill Clinton, Bill Gates, and Prince Andrew, pleaded guilty in 2008 to soliciting sex from an underage girl and served 13 months in jail. He died by suicide in a federal jail in New York in August 2019, a month after being arrested on federal child sex trafficking charges.
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