USVI v. JPMORGAN CHASE — $75 MILLION SETTLEMENT September 2023
JPMorgan Chase & Co. agreed to pay $75 million to the U.S. Virgin Islands government to settle a lawsuit alleging the bank facilitated Jeffrey Epstein's criminal enterprise through its financial services.
BACKGROUND: Former USVI Attorney General Denise George filed the initial lawsuit against Epstein's estate in January 2020, alleging that Epstein used his private islands — Little St. James and Great St. James — to traffic and abuse underage girls over a 15-year period. The case was expanded to name JPMorgan Chase, alleging the bank knowingly provided the financial infrastructure that enabled Epstein's activities.
ALLEGATIONS AGAINST JPMORGAN: The USVI alleged that JPMorgan processed suspicious financial transactions related to Epstein's island operations, including payments for construction, staffing, and transportation that facilitated the trafficking of minors to the islands. The complaint alleged that bank officials were aware of the nature of Epstein's activities and maintained the relationship for financial gain.
SETTLEMENT TERMS: The $75 million settlement was designated for USVI government programs supporting victims of sexual violence and trafficking. This settlement was separate from the $290 million class-action settlement JPMorgan reached with Epstein's individual victims.
POLITICAL FALLOUT: Attorney General George was fired by the USVI Governor shortly after expanding the lawsuit to name JPMorgan — a decision that drew significant criticism and raised questions about political influence. Her successor continued the litigation to its conclusion.
Combined, JPMorgan paid $365 million in total Epstein-related settlements.