US Virgin Islands Seeks $190 Million From JPMorgan In Epstein Lawsuit
Portfolio Pulse from Bibhu Pattnaik
The U.S. Virgin Islands is seeking a minimum of $190 million from JPMorgan Chase & Co to resolve a lawsuit alleging the bank ignored Jeffrey Epstein's sex trafficking activities. The territory is also seeking to establish new policies at the bank to prevent it from providing financial services to human traffickers and sex offenders. JPMorgan had previously agreed to pay $290 million to settle a class-action lawsuit on behalf of Epstein's victims but has not yet settled with the Virgin Islands government.
July 16, 2023 | 4:16 pm
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NEUTRAL IMPACT
Deutsche Bank AG was mentioned in the context of a $75 million settlement it reached with Epstein's victims earlier in June.
The news about Deutsche Bank's settlement is not new and is unlikely to have a significant impact on its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
JPMorgan Chase & Co is facing a lawsuit from the U.S. Virgin Islands seeking a minimum of $190 million. The lawsuit alleges that the bank ignored Jeffrey Epstein's sex trafficking activities.
The lawsuit and the potential financial penalty could negatively impact JPMorgan's financials and reputation in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100