Mr_Rajkamal Bank of America Reaches Settlement Over Jeffrey Epstein Sex Trafficking Claims
New York: Bank of America has agreed to settle a lawsuit brought by victims of convicted sex offender Jeffrey Epstein, who accused the bank of helping facilitate his alleged sex trafficking network.
The proposed settlement, which still requires court approval, was announced in legal filings. The financial terms of the deal have not yet been disclosed.
The agreement marks the third major settlement involving global banks over their connections to Epstein’s financial activities.
Third Major Bank Settlement in Epstein Cases
Bank of America joins other major financial institutions that have already settled similar lawsuits related to Epstein’s activities.
- JP Morgan Chase agreed to pay about $290 million to victims
- Deutsche Bank previously paid $75 million in a settlement
Lawyers representing Epstein’s victims said the latest agreement is another step toward accountability.
“This resolution is one more step on the road to much deserved justice,” said victims’ lawyer Sigrid McCawley in a statement.
Victim Alleged Bank Helped Facilitate Epstein’s Activities
The class-action lawsuit was originally filed in October by a Florida woman who claimed she was abused by Epstein more than 100 times between 2011 and 2019.
The lawsuit alleged that Bank of America had access to information about Epstein’s financial activities but failed to act.
The complaint claimed the bank had “a plethora of information regarding Epstein’s sex trafficking operation but chose profit over protecting victims.”
The victim said she had two Bank of America accounts opened at the direction of Epstein’s business associates.
Suspicious Banking Transactions Highlighted
The lawsuit pointed to several suspicious financial activities connected to Epstein’s network.
One key example cited in the case involved more than $150 million paid to Epstein by billionaire investor Leon Black, co-founder of Apollo Global Management.
The payments were reportedly made for what was described as “tax and estate planning advice.”
Black has previously denied wrongdoing but stepped down from Apollo after his ties to Epstein came under scrutiny.
Bank of America Previously Denied Allegations
Bank of America had earlier asked the court to dismiss the lawsuit, arguing that it had provided only routine banking services.
The bank said it had no knowledge of Epstein’s alleged crimes at the time the services were provided.
In court filings, Bank of America described the lawsuit as “threadbare and meritless.”
Following negotiations, however, both parties informed the court that they had reached a “settlement in principle.”
Next Legal Steps
Details of the settlement are expected to be submitted to the court later this month.
According to court filings:
- More information about the agreement will be provided on 27 March
- A court hearing is scheduled for 2 April
If approved, the settlement will bring the legal case against Bank of America closer to resolution, although investigations and lawsuits related to Epstein’s financial network continue.
FAQs
Why did Bank of America settle the Epstein lawsuit?
The bank agreed to settle claims that it facilitated Jeffrey Epstein’s alleged sex trafficking network by allowing suspicious financial transactions.
How much money is Bank of America paying?
The financial details of the settlement have not yet been publicly disclosed.
Which other banks settled Epstein-related lawsuits?
JP Morgan Chase paid $290 million and Deutsche Bank paid $75 million to settle similar lawsuits.
When will the court review the settlement?
A hearing to review the settlement is scheduled for 2 April.
