Bank of America to Pay $72.5 Million in Epstein Case
Bank of America agreed to a $72.5 million settlement with women accusing the bank of facilitating Jeffrey Epstein's crimes. A judge must now approve the deal.
Bank of America Corporation has agreed to pay $72.5 million to settle a civil lawsuit brought by women who accused the institution of facilitating their sexual abuse by Jeffrey Epstein. The settlement, disclosed in court records on Friday, follows allegations that the second-largest bank in the United States ignored suspicious financial transactions to prioritize corporate profit over the safety of victims.
The agreement reached between the bank and the plaintiffs' legal counsel requires the formal approval of Manhattan-based U.S. District Judge Jed Rakoff. A court hearing has been scheduled for Thursday to consider the deal. In January, the judge ruled that the bank must face claims that it knowingly benefited from sex trafficking and obstructed the enforcement of federal laws.
The proposed class action was filed in October by a woman using the pseudonym Jane Doe. The lawsuit highlighted several transactions, including payments made to Epstein by Leon Black, the billionaire co-founder of Apollo Global Management, Inc.. Black stepped down as chief executive in 2021 after an outside review found he had paid Epstein $158 million for tax and estate planning. He has denied any wrongdoing and stated he was unaware of Epstein’s criminal conduct.
Bank of America has previously defended its actions, stating that the services provided were routine and involved individuals who had no known links to Epstein at the time. The bank's legal representatives characterized the suggestions of deeper involvement as meritless.
This resolution is part of a broader wave of litigation targeting financial entities linked to Epstein. In 2023, JPMorgan Chase & Co. reached a $290 million settlement, while Deutsche Bank AG agreed to a $75 million deal. Lawyers for the victims are also appealing the dismissal of a similar case against The Bank of New York Mellon Corporation.
Jeffrey Epstein died in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges. His death was ruled a suicide by the New York City medical examiner.
