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Bank of America reaches $72.5m settlement in Epstein case
Bank of America has agreed to pay $72.5 million (£54.6 million) to resolve a class-action lawsuit filed by victims of Jeffrey Epstein, who accused the bank of enabling his sex trafficking operations. The settlement, announced in court documents filed Friday in New York, does not include an admission of liability or wrongdoing by the bank.
Lawsuit details and allegations
The lawsuit was initiated in October by a Florida woman, identified as "Jane Doe," who claims she was sexually abused by Epstein on at least 100 occasions between 2011 and 2019. According to the complaint, Jane Doe held two accounts at Bank of America at the direction of Epstein's team, which allegedly exhibited "incredibly alarming and erratic banking behavior."
The suit accused the bank of possessing extensive information about Epstein's sex trafficking activities but prioritizing profits over protecting victims.
Victim statements and legal response
Sigrid McCawley, an attorney representing the victims, described the settlement as "one more step on the road to much deserved justice" in a statement to the BBC earlier this month.
Jane Doe, who met Epstein in Russia in 2011, stated she was controlled and abused by him until his death in jail in August 2019. She referred to his death, ruled a suicide, as her "ultimate escape."
Financial ties and additional allegations
The lawsuit also highlighted over $150 million paid to Epstein by billionaire Leon Black, co-founder of Apollo Global Management, for alleged "tax and estate planning advice." The payments were made through Black's Bank of America account.
Black, who stepped down from Apollo amid scrutiny over his connections to Epstein, has denied any wrongdoing. He was questioned as part of the case last week.
Bank of America's stance and prior legal moves
Bank of America had previously sought to dismiss the lawsuit, arguing it provided routine banking services to individuals who, at the time, had no known links to Epstein. The bank described the complaint as "threadbare and meritless."
"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."
Bank of America statement to the BBC, Saturday
Broader context of bank settlements
The settlement marks the third major banking institution to resolve claims related to Epstein. JP Morgan Chase and Deutsche Bank previously agreed to pay $290 million and $75 million, respectively, in similar lawsuits.
The agreement now awaits approval from a federal judge in New York.
