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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