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☆ JPMorgan will pay $75 million to settle US Virgin Islands Jeffrey Epstein sex-trafficking claims
▼ + stars: | 2023-09-26 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +6 min

JPMorgan is paying $75 million to settle a lawsuit from the US Virgin Islands over links with Jeffrey Epstein. JPMorgan is still pointing fingers at the US Virgin Islands, saying the funds will be used to shore up its law enforcement. AdvertisementAdvertisementJPMorgan Chase has agreed to pay $75 million to settle a civil lawsuit from the US Virgin Islands over claims that it facilitated Jeffrey Epstein's sex trafficking operation. The funds come on top of the $290 million JPMorgan Chase has already agreed to settle a separate class-action lawsuit brought by Epstein victims, to fund a compensation program. Epstein owned two islands in the US Virgin Islands, which were sold by his estate earlier this year to billionaire Stephen Deckoff for $60 million.

Persons: Jeffrey Epstein, Jes Staley, —, Chase, Jeffrey Epstein's, Motley, JPMorgan Chase, Epstein, Staley, Stephen Deckoff, Denise George, Ariel M, Smith, Patricia Wexler, Wexler, Ghislaine Maxwell Organizations: JPMorgan, US Virgin Islands, Service, US, Islands, Motley Rice LLC, Barclays, Virgin, Virgin Islands, Department, Justice, Deutsche Bank Locations: Virgin, Manhattan

☆ JPMorgan legal fees in Jeffrey Epstein sex traffic cases near $14 million, former exec reveals
▼ + stars: | 2023-09-21 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +1 min

Attorneys for former JPMorgan executive Jes Staley revealed the fee total in a filing late Wednesday in U.S. District Court in Manhattan. On Thursday, his lawyers filed a new version of the document that redacted the reference to the bank's legal fees. JP Morgan spokeswoman Patricia Wexler declined to comment on the bank's purported legal costs from the suit. JPMorgan was sued last year by "Doe" in a would-be class action case on behalf of herself and other young women who were trafficked by the late money manager Epstein. The bank separately was sued by the government of the U.S. Virgin Islands, where Epstein had maintained a residence on a private island, where he sexually abused women.

Persons: JPMorgan Chase, Jeffrey Epstein, Jes Staley, JPMorgan's, Staley, Epstein, Morgan, Patricia Wexler, Wexler, Jane Doe, Doe Organizations: JPMorgan, CNBC, U.S . Locations: Manhattan, U.S, U.S . Virgin Islands

☆ Dimon says Jeffrey Epstein lawsuits have impacted JPMorgan brand, and he is sorry for having him as a client
▼ + stars: | 2023-08-02 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

JPMorgan Chase CEO Jamie Dimon told CNBC on Wednesday that lawsuits against the giant bank related to its former client, the sex offender Jeffrey Epstein, have impacted its brand equity "a little bit." I wish we hadn't," Dimon told CNBC's Leslie Picker. The Virgin Islands accuses JPMorgan of retaining Epstein as a client despite multiple red flags being raised internally about him over the years. "We would never have continued to do business with him if we believed he was engaged in an ongoing sex trafficking operation," Wexler said. Epstein, 66, killed himself in a Manhattan federal jail in August 2019, a month after he was arrested on child sex trafficking charges.

Persons: Jamie Dimon, Jeffrey Epstein, Dimon, CNBC's Leslie Picker, Epstein, Virgin, Patricia Wexler, Wexler Organizations: JPMorgan, CNBC, New, U.S ., Virgin Islands Locations: New York, U.S, U.S . Virgin, Florida, Manhattan

☆ U.S. Virgin Islands seeks at least $190 million from JPMorgan Chase in Jeffrey Epstein case
▼ + stars: | 2023-07-14 | by ( Dan Mangan | ) www.cnbc.com time to read: +6 min

The government of the U.S. Virgin Islands in a court filing Friday estimated that it will seek damages of at least $190 million from JPMorgan Chase in a lawsuit accusing the big bank of facilitating sex trafficking by its former long-time customer Jeffrey Epstein. The Virgin Islands also said it wants an order requiring JPMorgan to take a series of steps to protect young women and girls from other predators in the future. The filing says the Virgin Islands wants at least $150 million in civil penalties alone. JPMorgan in its own court filings has accused the Virgin Islands itself of being "complicit in the crimes of Jeffrey Epstein." Last month in the same court where the Virgin Islands is suing the bank JPMorgan agreed, without admitting wrongdoing, to pay $290 million to victims of Epstein to settle a suit by one of his accusers.

Persons: Jeffrey Epstein, Epstein, Jed Rakoff, Jeffrey Epstein's, JPMorgan Chase, Ariel Smith, Smith, Patricia Wexler, JPM, Virgin, Sergey Brin, Bill Gates, Lex Wexner, Glenn Dubin, Donald Trump, Bill Clinton, Prince Andrew of Great Organizations: New York State Division, Criminal, Services, Reuters, U.S . Virgin, JPMorgan Chase, Virgin, JPMorgan, Virgin Islands, Google, Microsoft, Limited Brands, Deutsche Bank, New York state's Department of Financial Services Locations: U.S, Manhattan, United States, Virgin, Eastern, Prince Andrew of Great Britain, Florida, New York

☆ 'Lots of smoke. Lots of questions': Internal emails show JPMorgan Chase execs worried about the bank's ties to Jeffrey Epstein. So why did it take so long to cut him loose?
▼ + stars: | 2023-06-23 | by ( Kaja Whitehouse | Emmalyse Brownstein | ) www.businessinsider.com time to read: +29 min

That, of course, is the billion-dollar question: What did JPMorgan, America's largest bank, know about Epstein's alleged sex trafficking? Today, banks have entire departments dedicated to tracking client activity and flagging suspicious behavior. Lots of questions'The fuss JPMorgan compliance officers raised about Epstein in 2011 was extensive. Lots of questions," declared a senior JPMorgan compliance officer reviewing Epstein's accounts as part of that 2011 compliance review, according to court papers filed by the US Virgin Islands. Staley sent Epstein internal JPMorgan documents and relied on him for guidance on an array of business and personal dealings, the JPMorgan internal report shows.

Persons: —, Morgan Stanley, Lehman Brothers —, Jamie Dimon, Jeffrey Epstein, Leon Black, Bill Clinton, Donald Trump, Epstein, Jes Staley, Staley, Jeffrey Epstein's, Michelle Licata, Courtney Wild, Stephanie Keith, Jane Doe, JP Morgan —, Epstein —, jes staley, Patricia Wexler, Wexler, Dimon, Barry Krischer, JPMorgan, Ghislaine Maxwell, Rod Stewart, Cipriani, Joe Schildhorn, Patrick McMullan, Frank Haberstroh, Haberstroh, Les Wexner, Wexner, Tom Williams, JP Morgan, Little, Little Saint James, Epstein's, Jim Spellman, Staley didn't, Morgan, James, Emily Michot, Bill Gates, Larry Summers, Woody Allen, Stephen Cutler, Cutler, Mary Erdoes, Erdoes, Youngbee Dale, Dale, JPMorgan Chase, Michael M, NYDFS, Bernie Madoff, Cecile de Jongh, Joe Shmoe, Jacob Shamsian Organizations: JPMorgan, Highbridge Capital Management, Citigroup, Lehman Brothers, titans, Apollo, US, US Virgin Islands, Bloomberg TV, Financial, US Department of, Treasury, Getty, BSA, Polaris Market Research, United Nations University Centre, M2C Model, Palm, JPMorgan Chase, Washington D.C, Inc, Apollo Global Management, The New York Times, Little Saint, Virgin, U.S ., Miami Herald, Tribune, Service, Microsoft, Columbia University, Mountain Capital, DOJ, New, Deutsche Bank, New York Department of Financial Services, Virgin Islands, Barclays, Authority, Wall Street Journal Locations: York, Manhattan, New York, US Virgin, dimon, Palm Beach , Florida, New York City, UN, Paris, Washington, Prague, thomas, Wexner, Little Saint, I'm, Little St, U.S, U.S . Virgin Islands, Staley, Dimon's, Virgin, British

☆ JPMorgan Chase's drawn-out breakup with Jeffrey Epstein
▼ + stars: | 2023-06-23 | by ( Kaja Whitehouse | Emmalyse Brownstein | ) www.businessinsider.com time to read: +29 min

Several months later, in October 2006, JPMorgan categorized Epstein as a "high-risk" client, according to a transcript of Dimon's deposition in May. Today, banks have entire departments dedicated to tracking client activity and flagging suspicious behavior. Lots of questions'The fuss JPMorgan compliance officers raised about Epstein in 2011 was extensive. A 'faithless servant'One person who might know much more about the tangled relationship between Epstein and JPMorgan is Jes Staley. Staley sent Epstein internal JPMorgan documents and relied on him for guidance on an array of business and personal dealings, the JPMorgan internal report shows.

☆ SEC fines JPMorgan subsidiary for deleting 47 million emails, some related to subpoenas
▼ + stars: | 2023-06-22 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

The Securities and Exchange Commission fined the broker-dealer subsidiary of JPMorgan Chase $4 million for accidentally deleting about 47 million emails from early 2018, according to an administrative order Thursday. Some of those deleted emails were sought by subpoenas in at least a dozen regulatory investigations, but could no longer be retrieved, the SEC order against J.P. Morgan Securities LLC noted. Many of the emails were "business records required to be retained pursuant" to federal securities law, the order said. The firm had submitted a settlement offer in anticipation of administrative proceedings related to the deletions, and the SEC accepted that offer. In its order Thursday, the SEC noted JPMorgan in 2016 began a project "to delete from its system older communications and documents no longer required to be retained."

Persons: Morgan Chase, J.P, Morgan Securities, Patricia Wexler Organizations: The Securities, Exchange Commission, JPMorgan Chase, SEC, J.P, Morgan Securities LLC, Chase, Morgan, JPMorgan, Bloomberg, Commission Locations: Park Avenue, Midtown, Manhattan , New York

"In the documents, Staley said that Dimon communicated with him when Epstein was arrested in 2006 and in 2008 when Epstein pleaded guilty" to a sex crime in Florida, The Journal reported. "Staley also said that Dimon communicated with him various times about whether to maintain Epstein as a client through 2012," according to The Journal. The Journal also reported that it had seen documents indicating that Dimon and Staley had a meeting scheduled with Epstein on March 2, 2010. JPMorgan told that newspaper that Dimon did not attend that meeting, and that it was not on the CEO's calendar. Dimon was deposed on Friday for two civil lawsuits in U.S. District Court in Manhattan against the bank accusing JPMorgan of enabling and financially benefitting from sex trafficking by Epstein.

Persons: Jamie Dimon, Al Drago, JPMorgan Chase, Jeffrey Epstein —, Jes Staley, Patricia Wexler, –, hasn't, Wexler, Staley, Wexler's, Dimon, Epstein Organizations: JPMorgan Chase &, Banking, Housing, Urban Affairs Committee, Washington , D.C, Bloomberg, Getty, JPMorgan, CNBC, The Locations: Washington ,, Florida, U.S, Manhattan

"Jamie Dimon knew in 2008 that his billionaire client was a sex trafficker," attorney Mimi Liu told Manhattan U.S. District Judge Jed Rakoff at a hearing late Thursday, referring to the year Epstein was first criminally charged with sex crimes. "If Staley is a rogue employee, why isn't Jamie Dimon?" The lawyer continued: "Staley knew, Dimon knew, JPMorgan Chase knew" about Epstein's criminal conduct. Simon Dawson | Bloomberg | Getty ImagesA lawyer for JPMorgan disputed those arguments, "in particular the point about Jamie Dimon having any specific knowledge." Wexler also said, "Jamie Dimon has no recollection of reviewing the Epstein accounts."

☆ JPMorgan Chase says it won't give money to Biden's inauguration as the president-elect's team seeks $1 million corporate donations
▼ + stars: | 2020-12-16 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +5 min

JPMorgan Chase told Insider it wouldn't donate to President-elect Joe Biden's inauguration. The Biden inaugural committee is soliciting corporate contributions of up to $1 million. Wexler declined to comment on whether the Biden inaugural committee directly solicited the company for a donation. Representatives for the president-elect's inaugural committee did not immediately respond to Insider's request for comment. But his inaugural committee has not revealed details of its plans.

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