JPMorgan Chase & Co. has agreed to pay $75 million to resolve a lawsuit alleging that the bank had close ties with the late accused sex trafficker Jeffrey Epstein. The lawsuit, which was filed by plaintiff Shellene A. Armstrong, accused JPMorgan of having a “longstanding and very profitable relationship” with Epstein that benefited both the bank and Epstein himself. The suit stated that between 1997 and 2013, JPMorgan had enabled Epstein to conduct his personal and financial transactions with a high degree of discretion and had provided him with financial services faster and more generously than those granted to other customers. Armstrong further alleged that Epstein had used JPMorgan to conceal his wealth and had been allowed to transfer large sums of money without providing the detailed documentation required in such cases. These alleged practices, she contended, facilitated Epstein’s efforts to evade taxes and comply with the terms of court orders related to his criminal activities. JPMorgan denied that it had done anything wrong, but acknowledged that the bank had not adequately monitored its relationship with the late financier. As part of the settlement, JPMorgan has agreed to pay $75 million to the plaintiffs, in addition to making changes to its policies and procedures for dealing with customers suspected of having ties to sex trafficking or other criminal activities. The settlement signals an effort by JPMorgan to improve its relationship with its customers, and will also serve as a warning to financial institutions who may be tempted to turn a blind eye to the reputational risk of dealing with people who have close ties to criminal or unethical behavior.