Bank of America has agreed to pay $72.5 million to settle a class-action lawsuit alleging the bank facilitated financier Jeffrey Epstein's sex trafficking operation. The settlement, filed in a Manhattan federal court, covers women who claim they were abused or trafficked by Epstein or his associates between June 30, 2008, and July 6, 2019. Lawyers representing the plaintiffs say they are aware of at least 60 victims during that period.
The deal, which requires judicial approval, would provide financial relief to victims while allowing Bank of America to avoid admitting liability. The bank maintains it did not facilitate sex trafficking crimes but stated the settlement provides closure for the plaintiffs. A court hearing to approve the agreement is scheduled for April 2.
The lawsuit, filed by a woman identified as Jane Doe, alleges that Bank of America ignored suspicious financial transactions linked to Epstein. The bank provided banking and investment services to Epstein despite red flags, according to the plaintiffs. Jane Doe claims she was coerced into a cult-like relationship with Epstein in 2011, during which she was sexually abused and financially controlled through a Bank of America account.
Bank of America is the latest financial institution to settle with Epstein's victims. JPMorgan and Deutsche Bank previously agreed to pay $290 million and $75 million, respectively, in similar lawsuits. Epstein, who was found dead in his jail cell in 2019, was awaiting trial on sex-trafficking charges at the time of his death.