Bank of America has agreed to a $72.5 million (£54.6 million) settlement in a lawsuit filed on behalf of victims of Jeffrey Epstein, who accused the bank of enabling his sex trafficking operation.
The class-action lawsuit, initiated in October by a Florida woman, alleges she suffered abuse by Epstein “on at least 100 occasions” from 2011 to 2019, while maintaining two accounts at Bank of America under the guidance of Epstein’s business team.
The suit claims the bank possessed extensive information about Epstein’s activities but prioritized profit over the safety of victims.
Bank of America stated in court documents that the settlement does not indicate any admission of liability or wrongdoing.
Although the settlement was reached earlier this month, the specifics were not disclosed until filings were made in a federal court in New York on Friday, pending a judge’s approval.
Sigrid McCawley, representing the victims, remarked to the BBC that this resolution represents “one more step on the road to much-deserved justice.”
This settlement follows similar agreements by major banks, including JP Morgan Chase and Deutsche Bank, which paid $290 million (£218 million) and $75 million, respectively.
The lawsuit, filed on behalf of a “Jane Doe,” highlights “incredibly alarming and erratic banking behavior” linked to her accounts at Bank of America, which were exploited by Epstein’s team. She recounted meeting Epstein in Russia in 2011, where she experienced control and abuse until his death in jail in August 2019, which she described as her “ultimate escape.”
The lawsuit also references over $150 million paid to Epstein by billionaire Leon Black, co-founder of Apollo Global, for alleged “tax and estate planning advice,” through Black’s Bank of America account. Black, who resigned from Apollo amid scrutiny over his connections to Epstein, has denied any wrongdoing and was questioned in the case last week.
Bank of America previously sought to dismiss the lawsuit, asserting it provided standard services to individuals with no known ties to Epstein and labeled the complaint as “threadbare and meritless.”
In a statement to the BBC on Saturday, Bank of America reiterated its stance, emphasizing that it did not facilitate sex trafficking crimes. The bank expressed that this resolution allows it to move forward and offers additional closure for the plaintiffs.
