The U.S. Virgin Islands is seeking at least $190 million in damages from JPMorgan Chase in its lawsuit over its ties to Jeffrey Epstein, who kept money at the bank from 1998 to 2013, according to a court filing.
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The suggested safeguards included separating the JPMorgan Chase’s business and compliance units and designating an independent compliance consultant to guarantee the bank “does not prioritize profits over its duty to report suspicious activities,” the territory said in a statement. Smith added, “financial penalties, as well as conduct changes, are important to make sure that JPMorgan Chase knows the cost of putting its own profits ahead of public safety.”
The U.S. Virgin Island’s court filing is the first time the territory has disclosed the dollar amount it is seeking from the bank. The court document comes after the judge overseeing the case ordered the plaintiffs last week to disclose the amount of damages it seeks in the case. The trial is set to begin October 23.
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