The banking giant settled a lawsuit from the U.S Virgin Islands accusing it of facilitating the disgraced financier’s sex ring while collecting millions.
In a press release announcing the settlement, U.S. Virgin Islands Attorney General Ariel M. Smith said JPMorgan has committed to creating safeguards to combat human trafficking.
“This settlement is an historic victory for survivors and for state enforcement, and it should sound the alarm on Wall Street about banks’ responsibilities under the law to detect and prevent human trafficking,” Smith said. According to the USVI, the settlement will fund law enforcement anti-trafficking efforts, local nonprofits that support victims of domestic violence and human trafficking, and a $10 million fund to provide counseling services for victims of Epstein.
JPMorgan added that $30 million would go toward USVI charities “whose work is aimed at addressing social ills, including fighting human trafficking and other sex crimes, and to support survivors on their paths to healing,” while $25 million would be paid to law enforcement.
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