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Virgin Island in the USA demands $190 million from JP Morgan in Epstein Case
The US Virgin Islands have stated that it wants JP Morgan Chase to pay a minimum of $190 million or more to resolve the case that has accused the US’s largest bank of ignoring the discredited late financier Jeffrey Epstein’s sex trafficking acts.
On Friday, a federal filing in Manhattan stated that the US territory wanted JP Morgan Chase to pay $150 million in civil fines and give at least $40 million for its 15 years of relationship with Jeffrey Epstein.
Moreover, JP Morgan Chase has also been asked to pay compensation for the victims of Epstein. These are punitive damages that tend to separate from business and compliance duties. Additionally, JP Morgan Chase has also been noted for its ability to recruit a new compliance officer for the purpose of effectively complying with the rules and regulations of the nation.
The Attorney General of the Virgin Islands, Ariel Smith, has provided a statement, which is “Financial fines, as well as methods changes, are necessary to make sure that JPMorgan Chase understands the expense of placing its own gains forward of public protection,.”
In another statement, JP Morgan has been noted for its efforts in resolving the case, but it does not match the nature of the conversations of the settlements. On the other hand, the bank has also stated that the charges brought about by the territory are “not well founded” and “misdirected.” The filing on Friday has set forward a dollar figure on its lawsuit.
Large Payouts Of JP Morgan To Jeffrey Epstein
The lawsuit against JP Morgan is one the largest unsolved lawsuit that is related to the Epstein case. Due to this, JP Morgan has agreed to pay $290 million for settling the lawsuit that has been filed by victims and accusers of Epstein.
On the other hand, Deutsche Bank, where Epstein has also been a client, has agreed to pay $75 million for the settlement. But JP Morgan has been noted to shift its blame.
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