Private fairness billionaire Leon Black agreed in January to pay $62.5m to the US Virgin Islands to be launched from potential claims associated to the territory’s investigation of the Jeffrey Epstein sex-trafficking ring.
The settlement, obtained by The New York Times by way of a public information request, stipulates that the settlement shouldn’t be construed as “evidence of wrongdoing” on the a part of the previous Wall Street govt.
“Mr Black engaged and made payments to Jeffrey Epstein for legitimate financial advisory services, which, based on everything now known, he very much regrets,” a spokesperson for Mr Black informed the paper. “Consistent with settlements of other major US banks, Mr Black resolved the USVI’s potential claims arising out of the unintended consequences of those payments. There is no suggestion in the USVI settlement that Mr Black was aware of or participated in any misconduct.”
Mr Black knew Epstein, who killed himself in jail in 2019, for many years and the pair each socialised collectively and had deep monetary ties.
The billionaire reportedly paid Mr Epstein $158m for monetary planning. The pair reduce enterprise ties in 2018 due to a “fee dispute,” representatives for Mr Black have beforehand stated.
In 2021, Mr Black stepped down from Apollo Global Management, the personal fairness agency he co-founded. Following his resignation, the agency employed the legislation agency Dechert to research his ties to Epstein. Dechert cleared Mr Black of wrongdoing however famous that funds to Epstein “far exceeded any amounts” to his different skilled advisors.
The settlement with Mr Black is a part of the US Virgin Islands’ bigger investigation of the Epstein intercourse trafficking ring, the place quite a few women and younger girls had been sexually abused on the disgraced financier’s personal island property within the territory.
In November, Epstein’s property agreed to pay $105m to the US Virgin Islands authorities to settle a lawsuit.
In December, the territory sued JPMorgan over its prolonged historical past with Epstein, which accused the Wall Street agency of getting “pulled the levers” that allowed the financier to abuse women and girls on a mass scale, doing enterprise with Epstein years after he had been “red flagged” by the financial institution as a toddler intercourse offender.
The financial institution has denied wrongdoing and argues that it was officers within the US Virgin Islands who had been complicit within the abuse.
“He gave them money, advice, influence, and favors. In exchange, they shielded and even rewarded him,” the financial institution argued in a May court docket submitting.
Last month, a choose permitted a $290m settlement between JPMorgan and victims of Epstein’s abuse.