Leon Black, the embattled former president of New York’s Museum of Modern Art, has reached a $62.5 million settlement with the US Virgin Islands over claims related to his close ties to convicted pedophile Jeffrey Epstein.
The 71-year-old billionaire investor, who remains a MoMA board member, agreed to pay the settlement in cash in January, according to a copy of the agreement obtained by the New York Times through a request under the Freedom of Information Act. Virgin Islands prosecutors did not immediately respond to a request for confirmation.
Prosecutors had been considering a lawsuit that allegedly accused Black of paying huge sums of money to Southern Trust, one of Epstein’s companies, to help with his sex trafficking operation. Black has also come under scrutiny for a $158 million payment to Epstein for tax and estate planning services.
Under the agreement, Black is cleared of all liability in connection with a three-year investigation into Epstein’s sex trafficking operation of at least 200 girls and women, many of them underage, to his private island Little St. James. (It was bought by another financierStephen Deckoff, in May.
“For the past several years, the Virgin Islands Department of Justice has made it a priority to support victims of human trafficking and enforce the law to prevent and deter human trafficking,” said Attorney Venetia H. Velazquez. New York Times.
The documents show the deal was reached after Black’s lawyers met with officials in the Virgin Islands as well as a lawyer who represented Epstein’s victims, the New York Times reported.
“Mr. Black engaged and made payments to Jeffrey Epstein for legitimate financial advisory services, which, based on all now known, he greatly regrets,” said Whit Clay, Black’s spokesperson.
“Consistent with regulations of other major US banks, Mr. Black has resolved potential USVI claims arising from unintended consequences of these payments. There is no suggestion in the USVI rules that Mr. Black knew of or participated in any wrongdoing.
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