The U.S. Virgin Islands government alleges JPMorgan Chase facilitated sex trafficking of young woman by 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.and failure to report Epstein's trafficking because it lacked the economic incentive and motivation
The Virgin Islands' suit accuses JPMorgan of benefiting from Epstein's trafficking of young women to be abused by him and others during the 15 years he was a client of the bank, which is the largest in the United States.‘Small group' of House Republicans bringing social issues into defense bill, U.S. National Security Advisor Sullivan says
"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," said Smith. "This document does not reflect the nature of settlement conversations," said the spokeswoman, Patricia Wexler."As for the USVI's misdirected damages theories, they are not well founded and are being challenged by JPM in court."The filing says the Virgin Islands wants at least $150 million in civil penalties alone.
In addition to the monetary damages, the Virgin Islands also is asking JPMorgan be compelled"to implement new policies, including separating its business and compliance functions and designating an independent compliance consultant, to prevent human trafficking," according to a press release by Smith's office.
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