JPMorgan Chase agreed to pay $75 million to settle claims by the U.S. Virgin Islands that the bank aided in the disgraced financier Jeffrey Epstein's sex trafficking.
NEW YORK, Sept 26 (Reuters) - JPMorgan Chase (JPM.N) agreed to pay $75 million to settle claims by the U.S. Virgin Islands that the bank aided in the disgraced financier Jeffrey Epstein’s sex trafficking.
They conclude the final pieces of major litigation over Epstein’s sexual abuse of women, which has embroiled prominent people such as Britain’s Prince Andrew and powerful figures in business.
Lawsuits against JPMorgan also called into question the bank’s oversight of clients, with accusations it ignored red flags and internal warnings about Epstein, including over money he supposedly withdrew to pay young women and teenage girls.
US Virgin Islands Attorney General Ariel Smith said the settlement was a “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.”
JPMorgan countered that the U.S. Virgin Islands was also at fault, for giving Epstein tax incentives and waiving monitoring requirements in exchange for cash and gifts to local officials, including a former first lady.
Among those ensnared by the scandal was Leon Black, the billionaire co-founder of private equity firm Apollo Global Management (APO.N), who had close business ties with Epstein.
The original article contains 645 words, the summary contains 201 words. Saved 69%. I’m a bot and I’m open source!
This is the best summary I could come up with:
NEW YORK, Sept 26 (Reuters) - JPMorgan Chase (JPM.N) agreed to pay $75 million to settle claims by the U.S. Virgin Islands that the bank aided in the disgraced financier Jeffrey Epstein’s sex trafficking.
They conclude the final pieces of major litigation over Epstein’s sexual abuse of women, which has embroiled prominent people such as Britain’s Prince Andrew and powerful figures in business.
Lawsuits against JPMorgan also called into question the bank’s oversight of clients, with accusations it ignored red flags and internal warnings about Epstein, including over money he supposedly withdrew to pay young women and teenage girls.
US Virgin Islands Attorney General Ariel Smith said the settlement was a “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.”
JPMorgan countered that the U.S. Virgin Islands was also at fault, for giving Epstein tax incentives and waiving monitoring requirements in exchange for cash and gifts to local officials, including a former first lady.
Among those ensnared by the scandal was Leon Black, the billionaire co-founder of private equity firm Apollo Global Management (APO.N), who had close business ties with Epstein.
The original article contains 645 words, the summary contains 201 words. Saved 69%. I’m a bot and I’m open source!