JP Morgan Chase has agreed to pay 75 million (£62 million) to the US Virgin Islands to settle claims that the bank enabled the sex trafficking acts of financier Jeffrey Epstein.

JP Morgan said on Tuesday that 55 million dollars of the settlement will go towards local charities and assistance for victims.

Another 20 million dollars will go towards legal fees.

The Virgin Islands, where Epstein had an estate, sued JP Morgan last year, saying its investigation has revealed that the financial services giant enabled Epstein’s recruiters to pay victims and was “indispensable to the operation and concealment of the Epstein trafficking enterprise”.

Epstein killed himself in a federal jail in 2019.