$72.5M Shock: Bank of America Settles Jeffrey Epstein Case
Bank of America agrees $72.5M settlement in the Epstein lawsuit, marking another major payout as victims seek justice over trafficking claims.
Bank of America has reached a $72.5 million (£54.6 million) settlement in a lawsuit filed on behalf of Jeffrey Epstein's victims. The victims had accused the bank of facilitating Epstein's sex trafficking operation.
This proposed class-action lawsuit was filed in October by a woman from Florida. The woman alleges that between 2011 and 2019, Epstein sexually abused her "at least 100 times" and that, at the behest of Epstein's business team, she opened two accounts at Bank of America.
The lawsuit alleges that the bank possessed "extensive information regarding Epstein's sex trafficking operation, yet chose profit over the safety of the victims."
In court documents, Bank of America stated that this settlement does not constitute an "admission of any liability" or an "admission of wrongdoing" on its part.
The settlement was reached earlier this month, but details of the deal did not emerge until documents were filed in a New York federal court on Friday. These documents now await judicial approval.
Sigrid McCawley, an attorney for the victims, stated in a statement to the BBC earlier this month that this resolution represents "another step toward the full measure of justice to which they are entitled."
This marks the third such settlement reached by a major bank; previously, JP Morgan Chase and Deutsche Bank agreed to pay $290 million and $75 million, respectively.
Filed on behalf of "Jane Doe" (a pseudonym), the lawsuit cites "highly concerning and irregular banking activity" within her own Bank of America accounts, which were utilized by Epstein's team. The woman claims that she met Epstein in Russia in 2011 and remained under his control—subjected to continued sexual exploitation—until his death in prison in August 2019. The financier's death was ruled a suicide, an event Jane Doe described as her "final liberation."
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The lawsuit also alleges that billionaire Leon Black (co-founder of Apollo Global) paid Epstein more than $150 million. These payments were made through Black's Bank of America account for "purported 'tax and estate planning advice.'"
Black, who resigned from Apollo amidst an investigation into his ties with Epstein, has denied any wrongdoing. He was also questioned last week as part of the investigation into this case. Bank of America had previously petitioned the court to dismiss the lawsuit. The bank argued that it had merely provided standard services to individuals who, at the time, had no known connection to Epstein. The bank characterized the complaint as "weak and baseless."
In a statement issued on Saturday, Bank of America said: "While we stand by our previous arguments in this matter—including that Bank of America did not aid in any sex trafficking crimes—this settlement allows us to put this matter behind us and move forward, and it will also help the plaintiffs bring this case to a complete conclusion."
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