‘Put the case behind us…’: Bank of America agrees to pay $72.5 million to Epstein victims after years of legal battle
Bank of America has agreed to pay $72.5 million to settle a civil lawsuit brought by women who accused the bank of facilitating sexual abuse and sex trafficking linked to convicted pedophile Jeffrey Epstein. The agreement was disclosed in court filings Friday and still requires approval from a federal judge.The lawsuit was filed in October in the United States District Court in Manhattan by a plaintiff using the pseudonym Jane Doe on behalf of herself and others who alleged they were abused by Epstein. He claimed that the bank ignored suspicious financial transactions involving Epstein and continued to provide services that helped support his criminal activities.Bank of America has denied that it facilitated or participated in sex trafficking or that it was deeply involved in Epstein’s crimes. In a statement, a spokesperson said the bank “did not promote sex trafficking crimes,” adding that the settlement would “help put the matter behind us and provide further resolution for the plaintiffs.”The terms of the settlement had already been disclosed to a judge, with attorneys for both sides telling U.S. District Judge Jed Rakoff earlier this month that they had reached an “agreement in principle.” Specific details remained under seal until Friday, when they were made public. The deal still must be reviewed and formally approved in court, and a hearing on that approval is expected to take place in the coming weeks.Plaintiffs’ attorneys said in court filings that the settlement is the best option for women who were harmed years ago and now need financial relief. Under the terms, lawyers could receive up to 30 percent of the settlement in legal fees, which could total about $21.8 million.The case formed part of a broader series of legal actions against major financial institutions over their ties to Epstein. Separate lawsuits against other banks, including JPMorgan Chase and Deutsche Bank, had previously resulted in settlements of $290 million and $75 million respectively on related claims.Epstein was a financier and convicted sex offender who died in prison in 2019 while awaiting trial on federal sex trafficking charges. Civil lawsuits brought against banks allege that financial institutions helped maintain their operations by providing banking services despite regulatory warnings and red flags about their conduct.The settlement does not include any admission of liability by Bank of America, and the bank has said it will continue to defend its actions in the case.
