'JP Morgan Agrees to Pay 100 Billion Won to Virgin Islands for Aiding Epstein Crimes'

JP Morgan Chase, accused of aiding billionaire Jeffrey Epstein's sex crimes, has agreed to pay $75 million (approximately 100 billion KRW) to the U.S. Virgin Islands, ending a legal battle that lasted about a year.

According to the Wall Street Journal (WSJ) on the 26th (local time), JP Morgan reached this agreement with Virgin Islands authorities one month before the formal trial was set to begin. Previously, Virgin Islands authorities filed a civil lawsuit claiming that JP Morgan was aware of Epstein's criminal activities but allowed him to continue sexual exploitation by using JP Morgan accounts to transfer money to victims.

Brittany Henderson, a lawyer representing the victims, said, "This lawsuit proves that survivors can raise their voices and that American companies are finally ready to listen." Ariel Smith, the Attorney General of the Virgin Islands, called it a "historic victory" and stated, "It should serve as a wake-up call to Wall Street regarding the bank's responsibility."

[Image source=AP Yonhap News]

Epstein, who had a residence address in the Virgin Islands, was arrested on charges of committing sex crimes against dozens of minors and died by suicide in prison in 2019. He managed hundreds of millions of dollars across dozens of JP Morgan accounts and frequently communicated with executives. Notably, even after being registered as a sex offender in 2008, Epstein continued to use JP Morgan accounts for sexual exploitation activities as a client of JP Morgan.

However, JP Morgan has denied the allegations, claiming it was unaware of his illegal activities until it ended dealings with Epstein in 2013. WSJ reported, "After Epstein's arrest, JP Morgan claimed he was just an ordinary client," but also noted, "It was later confirmed how significant Epstein's influence was within JP Morgan." Jamie Dimon, Chairman of JP Morgan, previously apologized for the accounts being used for crimes, saying, "If we had known then what we know now, we certainly would not have allowed it."

As a result, the total settlement amount JP Morgan, the largest bank in the U.S., will pay related to Epstein's involvement has increased to $365 million (approximately 493 billion KRW).

In June, JP Morgan had agreed to pay about $290 million to Epstein's victims. Previously, the victims filed a lawsuit demanding joint liability, arguing that after Epstein's suicide, JP Morgan failed to fulfill its duty as a bank to monitor account usage to prevent criminal activity. Not only JP Morgan but also Deutsche Bank agreed to pay $75 million to the victims.

This content was produced with the assistance of AI translation services.