© GettyThe settlement resolves a difficult public relations problem for Jamie Dimon (above), who has been JPMorgan's CEO since 2006, and said he had barely heard of Epstein until his 2019 arrest
The bank confirmed the settlements in a statement to DailyMail.com on Tuesday morning, saying it did not admit liability as part of the deal, but 'deeply regrets' working with Epstein.
The USVI settlement includes $30 million that will go towards charity groups that work to combat sex trafficking, $25 million to the territory's government to fund law enforcement, and $20 million in attorneys fees.
The territory had sued JPMorgan for at least $190 million, saying the bank ignored red flags about convicted sex offender Epstein because he was a wealthy and lucrative client from 1998 to 2013.
The settlement, which must be approved by a judge, concludes the final major legal case tied to Epstein's abuses of women and girls, a scandal that embroiled some of the world's most powerful figures in finance and business.
© Zuma PressLeon Black, chairman of Apollo Global Management
In separate case, Apollo Global Management co-founder Leon Black paid $62.5 million to the US Virgin Islands in July to avoid any legal claims tied to Epstein.
JPMorgan is the largest bank in the US, with roughly $3.7 trillion in assets, and has a market capitalization of about $422 billion.The bank's stock was down less than one percent after the USVI settlement was announced on Tuesday.
The settlement resolves a difficult public relations problem for Jamie Dimon, who has been JPMorgan's CEO since 2006.
Dimon testified under oath in May that he had barely heard of Epstein until the financier's July 2019 arrest, and did not recall any conversations about Epstein with top lieutenants.
Epstein died in August 2019 in a Manhattan jail cell while awaiting trial on federal charges of sex trafficking dozens of women and girls as young as 14. New York City's medical examiner called his death a suicide.
JPMorgan said in a statement that the settlement with USVI is 'in the best interest of all parties, particularly for those who can benefit from efforts to combat human trafficking, and for survivors who suffer unimaginable abuse at the hands of these criminals.'
'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,' JPMorgan said.
USVI Attorney General Ariel Smith called the settlement a 'historic victory for survivors and for state enforcement, and it should sound the alarm on Wall Street about banks' responsibilities under the law to detect and prevent human trafficking.'
The bank also said it had reached a separate confidential settlement to resolve its claims against former executive Jes Staley, whom the bank had accused of concealing knowledge of Epstein and vouching for him internally.
© AFP/GettyJPMorgan also said it had reached a confidential settlement to resolve its claims against former executive Jes Staley, who was Epstein's close friend and key contact at the bank
An attorney for Staley did not immediately respond to a request for comment. Staley has expressed regret for his friendship with Epstein and denied knowing about his sex trafficking.
In July, USVI said it wanted JPMorgan to pay at least $190 million, including a $150 million civil fine, and possibly much more to resolve the lawsuit.
USVI said JPMorgan kept Epstein as a valued client even after his 2006 arrest on prostitution charges in Florida and related guilty plea two years later, and said some bank officials stayed in touch with him long after he was dismissed.
'Epstein's entire business with JPMorgan, and JPMorgan's entire business with Epstein, was human trafficking,' an attorney for the territory argued in court last month.
The lawsuit exposed apparent deficiencies in JPMorgan's oversight of clients, including many communications where employees urged the bank to stop doing business with Epstein.
© St. John TradwindsJPMorgan's filings have shown that Cecile de Jongh, the former USVI first lady, was on Epstein's payroll and managed his affairs even as her husband served as territorial governor
Epstein had owned two private islands within the territory, including Little St. James, where he infamously brought many young women and girls, and which locals commonly referred to as 'orgy island' or 'pedo island'.
© REUTERS/Marco BelloThe Jeffrey Epstein-owned Little St. James Island in the U.S. Virgin Islands.
Tuesday's settlement concludes the final major legal case stemming from Epstein's crimes.
Last November, USVI reached a settlement of at least $105 million with Epstein's estate.
Deutsche Bank, where Epstein was a client from 2013 to 2018, in May reached a $75 million settlement with women who said Epstein sexually abused them.
Epstein's longtime partner and confidante Ghislaine Maxwell is serving a 20-year prison sentence after being found guilty of child sex trafficking and other offenses in connections with Epstein's crimes.
That's about 20 minutes electric bill for their buddy's printing press...