2023-07-14 17:36:20 ET
The U.S. Virgin Islands government wants at least $190M in damages from JPMorgan Chase ( NYSE: JPM ) to pay in a lawsuit accusing the megabank of enabling sex trafficking by its ex-client Jeffrey Epstein, according to a court filing Friday.
In addition, the American territory, where Epstein owned two islands, said it's seeking an order requiring JPMorgan ( JPM ) to commit to certain anti-trafficking reforms.
"These sets of recommendations aim to address the same core problem: JPMorgan’s knowledge of and failure to report Epstein’s trafficking because it lacked the economic incentive and motivation to place compliance with the law and prevention of trafficking ahead of its own profits," the new filing in Manhattan federal court said.
The lender was said to have previously agreed to pay $290M to settle a claim with women who alleged that Epstein abused them and that the bank ignored warning signs. This suit, which JPM has denied liability, is slated to go to trial on October 23.
For the USVI suit, the filing said the territory wants at least $150M in civil penalties, in addition to JPM disgorging at least $40M more in fees that Epstein allegedly generated for for the lender.
More on Banks and Epstein:
- JPMorgan reaches tentative settlement of lawsuit by Epstein victims
- Deutsche Bank to pay $75M to settle Jeffrey Epstein lawsuit
- Barclays CEO Jes Staley steps down amid Epstein investigation
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U.S. Virgin Islands wants JPMorgan to pay $190M in Epstein suit