Bank of America has reached a $72.5 million (£57.3 million) settlement to resolve a civil lawsuit filed by women accusing the bank of enabling their sexual abuse by the late financier Jeffrey Epstein. The agreement, disclosed in court documents on Friday, follows a series of similar settlements involving other major banks connected to Epstein’s financial network.
While Bank of America denies any wrongdoing, a spokesperson expressed that the settlement allows the institution to move forward and offers closure to the plaintiffs. The deal still awaits formal approval from US District Judge Jed Rakoff, with a hearing scheduled for Thursday.
The class-action suit, initially brought by an anonymous plaintiff identified as Jane Doe, claimed that the bank overlooked numerous suspicious transactions linked to Epstein. The plaintiffs contended that the bank prioritized profits over victim protection, failing to act on financial indicators suggestive of sex trafficking activities.
In a significant ruling in January, Judge Rakoff determined that the bank must face allegations that it knowingly benefited from Epstein’s operations and hindered enforcement of the Trafficking Victims Protection Act. Among the scrutinized transactions were payments from billionaire Leon Black, co-founder of Apollo Global Management, who resigned amid revelations of his financial connections to Epstein.
Legal representatives for the survivors, including David Boies and Bradley Edwards, emphasized that the settlement offers the most practical resolution for victims, many of whom endured harm years ago and require prompt financial support. Under the proposed terms, the legal team may claim up to 30% of the settlement—approximately $21.8 million—for legal fees.
This settlement aligns with a pattern of substantial payouts by Epstein’s former banking partners. In 2023, JPMorgan Chase agreed to a $290 million settlement, while Deutsche Bank paid $75 million to settle comparable claims.
Despite these developments, Bank of America maintained in court filings that it provided only routine banking services to clients who, at the time, had no publicly known links to Epstein’s criminal activities.
