In its recent statement, the United States Virgin Islands has demanded that JPMorgan Chase provide a minimum of $190 million, potentially a much more significant sum, to resolve the lawsuit filed against the largest bank in the United States. This legal action accuses the financial institution of disregarding the activities of the now-disgraced late financier, Jeffrey Epstein, about sex trafficking.

In a filing made on Friday in the federal court located in Manhattan, the U.S. Virgin Islands has expressed its desire for JPMorgan to pay a civil fine amounting to $150 million. Additionally, they request that the bank relinquish at least $40 million, representing a portion of the funds obtained during the 15 years of their association with Epstein.

Moreover, the U.S. Virgin Islands demands that JPMorgan compensate Epstein's victims by paying and awarding punitive damages. They also insist on segregating JPMorgan's business and compliance functions and hiring a compliance consultant.

It is crucial to apply monetary penalties and compel behavior adjustments to make sure that JPMorgan Chase understands the cost of putting its own profits ahead of public safety, according to U.S. Virgin Islands Attorney General Ariel Smith.

JPMorgan has acknowledged the ongoing efforts to settle this case but has declared that the recent filing "does not accurately reflect the nature of the settlement discussions."

The bank has further criticized the U.S. Virgin Islands' arguments for damages, labeling them as "misguided" and lacking substantial foundation.

The Friday filing is noteworthy as it is the first instance where the U.S. Virgin Islands has assigned a specific dollar amount to its lawsuit.

The region deems JPMorgan liable for giving Epstein banking services between 1998 and 2013, which allowed him to reimburse his victims. The lawsuit alleges that the bank disregarded internal warnings and other indicators of wrongdoing due to Epstein's status as a wealthy client.

According to the U.S. Virgin Islands, even the mentioned $40 million sum fails to encompass the priceless value of Epstein's alleged introductions of JPMorgan to prominent individuals such as Britain's Prince Andrew and former Israeli Prime Minister Ehud Barak.

Epstein, who died by suicide in August 2019, owned two adjacent islands within the territory. Authorities claim that he acquired one of them to prevent intrusion as he committed sexual abuse against young women and girls on the other island.

The trial for this case is scheduled to commence on October 23.

Significant Settlements

This lawsuit represents the largest unresolved case connected to Epstein.

JPMorgan recently agreed to pay $290 million to settle a lawsuit filed by numerous accusers of Epstein. Likewise, Deutsche Bank, another institution where Epstein held accounts, reached a $75 million settlement in May. Both payments are awaiting final court approval.

Epstein's estate has already disbursed over $125 million to his accusers and more than $105 million to the U.S. Virgin Islands.

Ghislaine Maxwell, Epstein's former girlfriend, was convicted in December 2021 for her involvement in his illicit activities.

In the U.S. Virgin Islands' case, JPMorgan has attempted to shift blame onto the territory.

The bank has accused the U.S. Virgin Islands of actively assisting Epstein by providing him with tax incentives and waiving the requirements for monitoring sex offenders. Allegedly, these actions were taken in exchange for monetary contributions or gifts to local law enforcement and influential figures, including former first lady Cecile de Jongh.

Separately, JPMorgan is pursuing a lawsuit against Jes Staley, a former private and investment banking executive with a close relationship with Epstein. The bank aims to recoup its losses from the two lawsuits it currently faces.

Staley has expressed regret regarding his friendship with Epstein and has consistently denied any knowledge of the financier's involvement in sex trafficking. He left JPMorgan a few months after Epstein's departure and served as the CEO of Barclays from 2015 to 2021.

U.S. Virgin Islands v. JPMorgan Chase Bank NA, case number 22-10904, is the name of the proceeding that will be tried in the U.S. District Court for the Southern District of New York.

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