JPMorgan Chase’s stock drops after settlement of remaining litigation related to Jeffrey Epstein

The stock
JPM,
-1.04%
fell 1.1% in midday trading, and was headed for the fifth loss in six sessions.

Under terms of the settlement, the bank will contribute $30 million to support charitable organizations in U.S. Virgin Islands aimed at fighting human trafficking and other sex crimes, and to support survivors.

The bank will also pay $25 million to the Virgin Islands to bolster law enforcement capabilities to prevent and combat human trafficking and other crimes.

An additional $20 million will be paid to cover attorney fees.

Read: Judge gives preliminary OK to $290 million deal between JPMorgan, Jeffrey Epstein victims.

Also read: JPMorgan says Jeffrey Epstein was talking to U.S. Virgin Islands’ former first lady about sex-offender legislation.

“While the settlement does not involve admissions of liability, the firm deeply regrets any association with this man, and would never have continued doing business with him if it believed he was using the bank in any way to commit his heinous crimes,” the bank said.

The settlement comes about a month before the bank and the U.S. Virgin Islands went to trial in New York, as The Wall Street Journal reported.

JPMorgan said an agreement was also reached with former executive Jes Staley to resolve the bank’s claims against him. The terms of the agreement are confidential.

JPMorgan’s stock has suffered through a rough patch over the past couple of months. It was on track to a second-straight weekly loss, and the eighth weekly decline over the past nine weeks. The six-week losing week the stock set through the week ended Sept. 8 was the longest such streak since the six-week stretch ending Sept. 14, 2018.

But the stock was still up 8.0% year to date, while the Financial Select Sector SPDR ETF
XLF
has slipped 2.4%. Meanwhile, the Dow Jones Industrial Average
DJIA
has edged up 1.7% this year and the S&P 500 index
SPX
has rallied 11.7%.