Bank of America has agreed to a $72.5 million (£57.3m) settlement to resolve a civil lawsuit filed by women who accused the bank of facilitating their sexual abuse by the late financier Jeffrey Epstein. Court filings on Friday revealed the settlement, which follows similar high-profile resolutions involving other major banks connected to Epstein’s financial network. While Bank of America continues to deny any wrongdoing, a spokesperson stated that the settlement allows the company to “put this matter behind us” and provides closure for the plaintiffs. The deal still requires formal approval from US District Judge Jed Rakoff, with a hearing scheduled for Thursday.
The class-action suit, originally filed by an anonymous plaintiff referred to as Jane Doe, claimed that the bank ignored numerous suspicious transactions linked to Epstein. The plaintiffs argued that Bank of America prioritized profits over victim protection, failing to act on financial signals that pointed to sex trafficking activities. In January, Judge Rakoff ruled that the bank must face claims that it knowingly benefited from Epstein’s operations and obstructed enforcement of the Trafficking Victims Protection Act. Among the scrutinized transactions were payments to Epstein from billionaire Leon Black, co-founder of Apollo Global Management, who resigned after his financial connections to Epstein came to light.
Lawyers representing the survivors, including David Boies and Bradley Edwards, emphasized that the settlement offers victims immediate financial relief, many of whom endured harm years ago. Under the proposed terms, the legal team may seek up to 30% of the total settlement—approximately $21.8 million—for legal fees. This resolution follows a pattern of large payouts by Epstein’s former banking partners, including JPMorgan Chase’s $290 million settlement in 2023 and Deutsche Bank’s $75 million. Despite these agreements, Bank of America maintained in court filings that it had provided only “routine services” to clients who, at the time, had no publicly known links to Epstein’s criminal activities. The settlement highlights ongoing accountability for financial institutions associated with Epstein’s network and provides partial closure for survivors seeking justice.
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