Bank of America agrees to $72.5M Epstein settlement
Bank of America will pay $72.5 million to settle a lawsuit alleging it facilitated Jeffrey Epstein's sex trafficking.Summary
Bank of America has agreed to a $72.5 million settlement in a class-action lawsuit brought by women who claim the bank aided Jeffrey Epstein’s sex-trafficking operation. The plaintiffs alleged that Bank of America ignored warning signs in accounts linked to Epstein and his associates, enabling his crimes. While the bank maintains it did not facilitate sex trafficking, it stated the settlement allows them to move forward and provide closure for the plaintiffs. The settlement, which requires approval from Judge Jed Rakoff, would cover women abused by Epstein or his associates between 2008 and 2019, with at least 60 women identified as victims. The case also highlighted transactions involving Apollo co-founder Leon Black, who paid Epstein $158 million for tax and estate planning, and other payments allegedly used to fund trafficking. Plaintiffs’ attorneys may seek up to 30% of the settlement amount for legal fees.
(Source：Investmentnews)