A U.S. District Judge in Manhattan granted preliminary approval on Thursday to Bank of America’s $72.5 million settlement with women who accused the bank of enabling their sexual abuse by Jeffrey Epstein. Judge Jed Rakoff scheduled a hearing for August 27 to consider final approval of the settlement.
David Boies, representing the plaintiffs, indicated that between 60 and 75 victims are expected to file claims. These victims primarily reside in the United States and Eastern Europe. The plaintiffs’ attorneys may request legal fees amounting to up to 30% of the settlement, approximately $21.8 million.
Judge Rakoff emphasized the importance of compensating Epstein’s victims by holding accountable those who unlawfully facilitated his sex trafficking. However, he also noted that not everyone connected to Epstein should be held liable. Without naming specific individuals or entities, he stated it would be unfair to penalize those who were merely within Epstein’s orbit but did not assist or benefit from his criminal activities. The judge added that he will continue to carefully scrutinize the settlement until the final approval.
In a significant development, the settlement was agreed upon in March. Epstein died by suicide in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges. The class action lawsuit, filed in October under the pseudonym Jane Doe, accused Bank of America—the second-largest U.S. bank—of ignoring suspicious financial transactions linked to Epstein despite extensive information about his crimes, prioritizing profit over victim protection.
In January, Judge Rakoff ruled that Bank of America must face claims that it knowingly benefited from Epstein’s sex trafficking and obstructed enforcement of the federal Trafficking Victims Protection Act. When agreeing to settle the civil lawsuit in March, the bank denied facilitating sex trafficking crimes but said the settlement would allow it to move forward and provide closure for the accusers.
Meanwhile, lawyers David Boies and Bradley Edwards described the settlement as the best option for their clients, who suffered harm years ago and now require financial relief. The plaintiffs’ legal team has also pursued other alleged enablers of Epstein’s trafficking network. In 2023, they secured settlements of $290 million from JPMorgan Chase and $75 million from Deutsche Bank on behalf of Epstein’s victims. Additionally, the lawyers are appealing Judge Rakoff’s January dismissal of a similar lawsuit against Bank of New York Mellon.
