JPMorgan Chase & Co (NYSE:JPM) has agreed to pay a US$75 million settlement to the US Virgin Islands in a case relating to its association with sex offender Jeffrey Epstein.
Legal proceedings had been due to start between JP Morgan and the territory in late October, following scrutiny of the bank’s previous business dealings with Epstein.
Epstein, who died in prison in August 2019 while awaiting a trial over charges related to sex trafficking of minors, had been a client of the bank between 1998 and 2013.
JP Morgan did not admit any wrongdoing in the settlement with the islands, commenting the payment was "in the best interest of all parties".
"The firm deeply regrets any association with this man, and would never have continued doing business with him if it believed he was using the bank in any way to commit his heinous crimes," the bank added.
A case with former corporate and investment banking boss Jes Staley was also been resolved separately, the bank said on Tuesday, through an undisclosed sum in a confidential agreement.
The bank had blamed Staley for the decision to deal with Epstein, arguing he should be held responsible for any harm brought by legal proceedings against the bank.
Staley has previously denied the allegations.
JP Morgan’s US$75 million settlement with the US Virgin Islands is less than the US$190 million the latter had previously sought, with the funds set to be given to law enforcement, local charities and put toward legal fees.