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JPMorgan processed greater than $1bn for Epstein, US Virgin Islands says | Banks

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JPMorgan reported Epstein transactions as suspicious to the US Treasury Division, lawyer says.

A lawyer for the US Virgin Islands has mentioned that JPMorgan Chase instructed United States authorities it processed greater than $1bn for Jeffrey Epstein over 16 years.

JPMorgan reported the transactions as suspicious to the US Division of the Treasury following Epstein’s suicide in 2019, Mimi Liu, a lawyer for the territory, mentioned at a listening to regarding its lawsuit towards the biggest US financial institution.

The Reuters information company mentioned it didn’t view the financial institution’s disclosures to the Treasury, which aren’t public. A JPMorgan spokesperson declined a Reuters request for remark.

Epstein had been a JPMorgan shopper from 1998 to 2013, when the financial institution fired him. The disgraced financier had been awaiting trial on intercourse trafficking costs on the time of his loss of life.

The US Virgin Islands, the place Epstein owned two personal islands, is suing JPMorgan for at the least $190m and sure far more, saying it ignored pink flags that Epstein was operating a intercourse trafficking operation as a result of he was a profitable shopper.

JPMorgan has denied understanding that Epstein was operating a intercourse trafficking operation, and has faulted the territory for having a comfortable relationship with him.

Liu talked about the $1bn quantity, which had not been beforehand disclosed, in arguing that US District Choose Jed Rakoff in Manhattan ought to discover earlier than the case goes to trial that the financial institution participated in Epstein’s intercourse trafficking.

She mentioned no cheap juror might discover that JPMorgan was at the hours of darkness about its jet-setting shopper.

“JPMorgan was a full service financial institution for Jeffrey Epstein’s intercourse trafficking,” Liu mentioned.

Felicia Ellsworth, a lawyer for JPMorgan, mentioned it was not acceptable for the decide to find out the query of the financial institution’s data earlier than trial, as a result of present and former workers have testified that they had been unaware of Epstein’s intercourse trafficking.

She mentioned JPMorgan notified the Treasury Division at the least six occasions about Epstein’s transactions, together with as early as 2002.

Ellsworth additionally disputed the US Virgin Islands’ declare that JPMorgan obstructed investigations into Epstein, saying the financial institution had requested federal authorities about their very own probes into his conduct.

That’s “the polar reverse of making an attempt to hinder,” she mentioned.

An October 23 trial is scheduled. Rakoff mentioned he would resolve by the tip of September whether or not to resolve main authorized disputes sooner.

In June, Rakoff preliminarily authorized JPMorgan’s $290m settlement with girls who say Epstein abused them.

Deutsche Financial institution, the place Epstein was a shopper from 2013 to 2018, had earlier reached a $75m settlement together with his accusers.

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