In a recent development, JPMorgan Chase and lawyers for the U.S. Virgin Islands have reached an agreement that will require bank CEO Jamie Dimon to answer questions under oath about the bank’s relationship with convicted sex offender Jeffrey Epstein. The USVI is pursuing legal action against JPMorgan, claiming that the bank turned a blind eye to Epstein’s illegal activities while managing his business accounts.
Initially, JPMorgan resisted the idea of Dimon being deposed, arguing that he was not involved in anything related to Epstein. However, the bank’s attorneys have now changed their stance, and a presiding judge has already ordered the turnover of a larger cache of Dimon’s documents than initially proposed.
In December of last year, then-USVI Attorney General Denise George filed a lawsuit against JPMorgan, alleging that the bank should have known about Epstein’s illegal activities and reported him to authorities as part of its anti-money laundering procedures. Instead, the bank is accused of ignoring the sex trafficking operations that occurred on Epstein’s private island, Little St. James.
The bank denies the allegations and places the blame solely on former executive Jes Staley, who is being sued by JPMorgan in an effort to have a court rule that he is liable for any damages that may be awarded as a result of the pending lawsuits.
Shortly after filing the lawsuit, Governor Albert Bryan Jr. fired Attorney General George, citing her lack of communication regarding the consequential move.