Yesterday, a big lawsuit came to an end.

JP Morgan will pay $75 million to settle a U.S. Virgin Islands lawsuit alleging.

The U.S. Virgin Islands sued JP Morgan late last year for eating Jeffrey Epstein's alleged

sex trafficking.

Epstein died in jail in 2019.

He was awaiting trial on allegations he ran a scheme trafficking young women and girls

as young as 14.

And Epstein had been a big client of JP Morgan.

JP Morgan did not have been any wrongdoing.

They have been pretty consistent that they didn't do anything wrong, but they have also

said, look, knowing what we know now, we regret that we kept him as a client until 2013.

That's our colleague, David Benoyne.

It was known that he was a convicted sex offender, that he was a registered sex offender.

And they stayed with him as a client.

The U.S. Virgin Islands accused JP Morgan of facilitating Epstein's alleged crimes because

the bank had visibility into his accounts.

And they could see transactions and accounts for people who he set up and wire transfers.

And all these things that a bank is supposed to do to look at your customer.

You're supposed to know your customers at bank and flag things like trafficking.

And the lawsuits say like all of the red flags, all of the smoke that JP Morgan saw and

their compliance people saw in the bank ignored it and kept working with him because he was

such a lucrative client for them.

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