A lawyer representing the U.S. Virgin Islands disclosed on Thursday that JPMorgan Chase informed U.S. authorities about processing over $1 billion for Jeffrey Epstein over a span of 16 years. The lawyer, Mimi Liu, made this statement during a hearing regarding the territory’s lawsuit against the largest U.S. bank.
JPMorgan reported the suspicious transactions to the U.S. Treasury Department following Epstein’s suicide in 2019. However, Reuters did not have access to the bank’s disclosures to the Treasury as they are not public. A spokesperson for JPMorgan declined to provide further comments.
Epstein was a client of JPMorgan from 1998 until 2013 when the bank terminated their relationship. At the time of his death, Epstein was facing charges related to sex trafficking.
The U.S. Virgin Islands, where Epstein owned two private islands, has filed a lawsuit against JPMorgan seeking at least $190 million, alleging that the bank overlooked warning signs indicating Epstein’s involvement in a sex trafficking operation due to his status as a highly profitable client.
JPMorgan has refuted any knowledge of Epstein’s illicit activities and has criticized the U.S. Virgin Islands for maintaining a close association with him.
In court, Liu flagged the previously undisclosed figure of $1 billion to argue that U.S. District Judge Jed Rakoff should determine if the bank aided Epstein’s sex trafficking before the trial commences. She stated that it would be implausible for any reasonable juror to believe that JPMorgan was oblivious to its high-profile client’s deeds.
“JPMorgan was a full-service bank for Jeffrey Epstein’s sex trafficking,” Liu asserted.
Felicia Ellsworth, a lawyer representing JPMorgan, argued against the judge making a verdict on the bank’s knowledge prior to the trial. She highlighted that both current and former employees of the bank had testified that they were unaware of Epstein’s involvement in sex trafficking. Ellsworth also noted that JPMorgan had notified the Treasury Department on at least six occasions regarding Epstein’s transactions, including as early as 2002.
Furthermore, Ellsworth refuted the U.S. Virgin Islands’ claim that JPMorgan obstructed investigations into Epstein’s actions, stating that the bank had sought information from federal authorities regarding their own probes into Epstein.
Rakoff is expected to make a decision by the end of September regarding the resolution of significant legal disputes. The trial is scheduled for October 23.
In June, Rakoff granted preliminary approval to JPMorgan’s $290 million settlement with women who accused Epstein of abuse. Deutsche Bank, Epstein’s client from 2013 to 2018, previously reached a $75 million settlement with his victims.
(Reporting by Luc Cohen in New York; Editing by Noeleen Walder and Grant McCool)
Credit: The Star : News Feed
