Bank of America Agrees to Pay $72.5M to Settle Epstein Accusers’ Lawsuit
Bank of America will pay $72.5 million to settle a lawsuit from women accusing the bank of aiding Jeffrey Epstein's abuse.Summary
Bank of America has agreed to a $72.5 million settlement with women who accused the bank of facilitating Jeffrey Epstein’s sexual abuse. The settlement, which requires court approval from Judge Jed Rakoff, stems from a class-action lawsuit alleging the bank ignored suspicious financial transactions linked to Epstein due to prioritizing profits over victim protection. The plaintiffs, including a woman known as Jane Doe, claimed Bank of America knowingly benefited from Epstein’s sex trafficking and obstructed enforcement of the federal Trafficking Victims Protection Act, citing payments from figures like Leon Black of Apollo Global Management.
Bank of America previously argued it only provided routine services to individuals with no known connection to Epstein at the time and denied deeper involvement. However, Judge Rakoff ruled in January that the bank must face the claims. This settlement follows similar agreements with JPMorgan Chase ($290 million) and Deutsche Bank ($75 million) on behalf of Epstein’s accusers.
Lawyers for the accusers are continuing to pursue legal action against other alleged enablers of Epstein’s crimes, including an appeal of a dismissed lawsuit against Bank of New York Mellon. Jeffrey Epstein died by suicide in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges.
(Source：Insurance Journal)