Bank of America has agreed to a Bank of America Epstein lawsuit settlement worth $72.5 million, resolving claims brought by women who accused the bank of facilitating abuse linked to Jeffrey Epstein.
The agreement allows the bank to avoid a trial. Earlier this month, both sides confirmed they had reached a settlement in principle. The lawsuit, filed as a proposed class action, alleged that the bank ignored suspicious financial transactions connected to Epstein.
Plaintiffs claimed the institution prioritised profits over protecting victims, despite having access to information about Epstein’s activities. However, Bank of America denied wrongdoing, stating it only provided routine banking services and did not facilitate any criminal activity.
Court Ruling Paved the Way for Settlement
In January, U.S. District Judge Jed Rakoff ruled that the bank must face claims under the Trafficking Victims Protection Act. The judge allowed allegations to proceed, including claims that the bank knowingly benefited from Epstein’s conduct and obstructed enforcement efforts. This decision increased pressure on the bank to resolve the case.
The plaintiffs’ legal team has secured major settlements in related cases. In 2023, JPMorgan Chase agreed to pay $290 million, while Deutsche Bank settled for $75 million. These cases also involved claims tied to Epstein’s financial dealings. Lawyers said the latest agreement provides financial relief to victims, many of whom suffered harm years ago.
The settlement still requires court approval. A hearing has been scheduled to review the agreement. Plaintiffs’ lawyers may seek up to 30% of the settlement amount as legal fees, according to court filings.
The case centres on financial transactions linked to Epstein, including payments flagged by the plaintiff. Jeffrey Epstein, who faced sex trafficking charges, died in a Manhattan jail in 2019 while awaiting trial. His death was ruled a suicide by the city’s medical examiner. The broader legal efforts continue to target institutions accused of enabling his activities.
