DB - Altisource says John de Jongh Jr. resigns from board in wake of JPMorgan settlement

2023-06-12 17:07:46 ET

Altisource Asset Management ( NYSE: AAMC ) said on Monday John P. de Jongh, Jr., its former chairman as well as former governor of the U.S. Virgin Islands, voluntarily resigned from the company's board to avoid distractions from the operations of the company.

The decision was made "in light of today's litigation settlement by JPMorgan Chase & Co.," the company said. Earlier on Monday, JPMorgan ( NYSE: JPM ) agreed to pay $290M to settle a lawsuit filed against the company by sexual abuse victims of Jeffrey Epstein, the deceased financier.

The private credit provider said it "has had no known personal, financial or business interactions with the late Jeffrey Epstein, his estate, or business entities."

Two weeks ago, JPMorgan ( JPM ) alleged that de Jongh's wife aided Epstein's alleged criminal activity by helping him to avoid sex offender monitoring laws as well as throught other actions, NBC reported , citing statements JPM made as part of its defense in a civil suit that USVI brought against the bank late last year.

In March, a New York federal judge had allowed the U.S. Virgin Islands and women who accused the late financier of sex trafficking to proceed with some of their claims against JPMorgan ( JPM ) and Deutsche Bank ( DB ).

While JPMorgan settled the suit filed by the women today, the lawsuit filed by the U.S. Virgin Islands remains outstanding.

For further details see: