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JPMorgan accused of processing over $1 billion for Epstein
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By Nithya Bose in US business news, posted September 2, 2023
A lawyer for the US Virgin Islands has claimed JPMorgan Chase told US authorities it had processed over $1 billion for Jeffrey Epstein over 16 years.
The bank reported these transactions as suspicious to the US Treasury Department after Epstein's suicide in 2019.
Mimi Liu, the territory's lawyer, said this during a hearing concerning its lawsuit against the US banking giant.
Read More: JPMorgan Accused Of Continued Ties With Jeffrey Epstein
Epstein had been a JPMorgan client from 1998 to 2013, when he was fired by the bank while awaiting trial on sex trafficking charges.
The US Virgin Islands is suing JPMorgan for at least $190 million.
It alleges the bank ignored signs that Epstein was running a sex trafficking operation due to his lucrative client status.
JPMorgan has denied knowledge of Epstein's criminal activities and criticized the territory for its relationship with him.
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The $1 billion figure was disclosed during a hearing in the lawsuit.
The territory argued that JPMorgan participated in Epstein's sex trafficking operation.
A trial is scheduled for October 23, and the judge will decide by the end of September whether to resolve major legal disputes beforehand.
In June, JPMorgan reached a preliminary $290 million settlement with women who claimed Epstein abused them.
Deutsche Bank, where Epstein was a client from 2013 to 2018, previously settled with his accusers for $75 million.
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