Bank of America has reached a $72.5 million settlement in a lawsuit alleging the bank helped facilitate Jeffrey Epstein's sex trafficking operation, according to court documents filed Friday. The proposed class-action lawsuit was brought on behalf of victims who claim Bank of America provided banking and investment services to Epstein while ignoring red flags.
Key Takeaways
Bank of America has agreed to a $72.5 million settlement in a lawsuit alleging it facilitated Jeffrey Epstein's sex trafficking operation. The bank denies any wrongdoing but will pay victims abused between June 30, 2008, and July 6, 2019.
- Bank of America reaches $72.5M settlement with Epstein survivors
- Settlement covers all women abused by Epstein or his associates from 2008 to 2019
- Bank denies liability but seeks to avoid trial
- Judge approval required for finalization on April 2
- Follows similar settlements by JPMorgan and Deutsche Bank
The settlement does not include any admission of liability or wrongdoing by Bank of America. A spokesperson for the bank stated that "While we stand by our prior statements made in the filings in this case, including that Bank of America did not facilitate sex trafficking crimes, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs." The deal must still be approved by a judge at a hearing scheduled for April 2.
The lawsuit, filed last October in New York federal court on behalf of alleged victims of Epstein, claims that "Bank of America knowingly and intentionally participated in, assisted, supported, and facilitated Jeffrey Epstein's sex trafficking venture." According to the complaint, one plaintiff identified as Jane Doe was living in Russia when she met Epstein in 2011 and was coerced into a cult-like life.
The lawsuit alleged that Epstein paid her rent and income from a phony job through a Bank of America account, holding her immigration status "over her head" until his death. The settlement would pay all women who were sexually abused or trafficked by Jeffrey Epstein between June 30, 2008, and July 6, 2019.
The proposed class-action lawsuit was filed in October by a Florida woman who says she was abused by Epstein "on at least 100 occasions" between 2011 and 2019 and held two accounts at Bank of America at the direction of his business team. It alleged that the bank had "a plethora of information regarding Epstein's sex trafficking operation but chose profit over protecting the victims." The lawsuit also points to more than $150 million paid to Epstein by billionaire Leon Black, co-founder of Apollo Global, for 'purported tax and estate planning advice,' via Black's Bank of America account.
Bank of America had previously urged the court to dismiss the lawsuit, saying it had provided routine services to people who at the time had no known links to Epstein, calling the complaint "threadbare and meritless." This settlement marks the third such agreement by a major bank, following similar settlements by JP Morgan Chase for $290 million and Deutsche Bank for $75 million.
According to The Charlotte Observer, attorneys are aware of at least 60 women who were abused or trafficked by Epstein. The settlement covers all women who experienced abuse either directly from Epstein or those "connected to or otherwise associated" with him between June 30, 2008, and July 6, 2019.
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