JPMorgan Chase & Co (NYSE:JPM) is facing a lawsuit from the U.S. Virgin Islands for providing banking services to the late Jeffrey Epstein from 1998 to 2013. The bank is now accusing the U.S. Virgin Islands of harboring and shielding Epstein as he abused young women and girls over two decades.
JPMorgan said Epstein had a “quid pro quo” relationship with the U.S. Virgin Islands’ highest-ranking officials, bestowing money and favors in exchange for millions of dollars of tax incentives and looking the other way at his crimes. The bank is now seeking to shift blame for failing to snuff out sex crimes committed by Epstein.
The U.S. Virgin Islands is suing to hold JPMorgan liable for providing banking services to Epstein. The territory is also trying to strike four JPMorgan defenses to the lawsuit that allegedly “threaten to expose” its relationship with Epstein.
Deutsche Bank AG (NYSE:DB), where Epstein was a client from 2013 to 2018, last week settled a lawsuit by his accusers for $75 million. JPMorgan is separately suing Jes Staley, who once led its asset management business and had been friendly with Epstein, to have him cover its losses in the other two lawsuits. The three lawsuits are scheduled for an Oct. 23 trial.