JPMorgan Chase’s stock drops after WSJ report of 75 million payment to settle suit over ties to Jeffrey Epstein

Shares of JPMorgan Chase & Co. JPM dropped 0.5% in morning trading Tuesday, after The Wall Street Journal reported that the bank agreed to pay $75 million to the U.S. Virgin Islands to settle a lawsuit over ties to Jeffrey Epstein’s sex trafficking.

The WSJ report said as part of the settlement, the bank did not admit any wrongdoing. The settlement comes about a month before the bank and the U.S. Virgin Islands went to trial in New York. JPMorgan Chase’s stock has gained 8.6% year to date, while the Financial Select Sector SPDR ETF XLF has slipped 1.8% and the Dow Jones Industrial Average DJIA has tacked on 2.0%.

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SOURCE: – MarketPulse

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