Bank of America Reaches Settlement with Jeffrey Epstein Victims

Bank of America has reached a preliminary settlement in a lawsuit alleging the financial institution overlooked suspicious transactions linked to Jeffrey Epstein's sex trafficking operations. The case involved claims that the bank ignored $170 million in payments from billionaire Leon Black to Epstein while the financier was abusing victims.

Bank of America has reached a preliminary agreement to settle litigation alleging the financial giant turned a blind eye to questionable money transfers connected to Jeffrey Epstein during his years of sexual exploitation of hundreds of victims.

Court documents filed Monday in Manhattan federal court disclosed the potential resolution, coinciding with the originally planned deposition date for billionaire Leon Black in the matter. Financial details of the agreement remain confidential, and bank representatives have refused to provide comment.

While Black is not named as a defendant in the litigation, attorney Sigrid McCawley, representing Epstein’s victims, recently characterized him as a “critical witness” in the proceedings.

At a court session last week, Black’s legal representative Michael Carlinsky successfully convinced Judge Jed S. Rakoff to delay the deposition by 10 days, citing imminent settlement negotiations. Carlinsky has not responded to requests for comment on Tuesday.

McCawley released a statement honoring the “brave and fearless voices” of those victimized by Epstein, noting their “road to justice” has been lengthy and difficult, but describing the Bank of America resolution as “one more step on the road to much deserved justice.”

The litigation, filed in October, claimed the bank overlooked $170 million that Black transferred from his Bank of America account to Epstein allegedly for “tax and estate planning advice.”

According to the suit, the financial institution disregarded “numerous red flags” indicating improper monetary activities and “went far beyond what a non-complicit bank would have done and instead assisted Epstein in setting up the necessary financial structure to operate his sex-trafficking venture.”

The legal action, filed on behalf of an anonymous woman referred to as Jane Doe and “all others similarly situated,” states the victim was residing in Russia when she encountered Epstein in 2011 and was “coerced into a cult-like life.”

The complaint details how she received payments from Epstein via a Bank of America account while being controlled “financially, emotionally, and psychologically” by Epstein from 2011 through 2019 as he sexually assaulted her on no fewer than 100 occasions, including rape and forcing her into sexual acts with other women for his gratification.

The suit further alleged that Epstein covered her housing costs and provided income from a fraudulent employment arrangement through a Bank of America account, while using her immigration status “over her head, until her ultimate escape when Jeffrey Epstein died.”

Epstein passed away in federal custody in August 2019 while awaiting trial on sex trafficking allegations. Officials determined his death was suicide. He was notorious for his relationships with wealthy and influential individuals, which the lawsuit claimed he exploited in his attacks on women.

Recent Justice Department disclosure of millions of documents from law enforcement investigations into Epstein reveal he maintained regular communication with corporate executives, media figures, scientists and high-profile politicians well after his 2008 state court conviction in Florida on sex crime charges.

Analysis of the documents by The Associated Press and other media outlets showed Black’s name surfaced 8,200 times, though this number likely includes duplicate entries.

In March 2021, Black resigned as CEO of Apollo Global Management, stating he wished to concentrate on his family, health, and “many other interests.”

A company board committee had released a report two months prior concluding that Epstein had provided Black with personal counsel on estate planning, tax matters, charitable contributions and managing his “family office,” but offered no services to Apollo or made no investments in Apollo funds.

The report also stated the review — which Black had requested — discovered “no evidence” that he participated in Epstein’s alleged criminal conduct “in any way” or “at any time.”

In a Tuesday statement, Senator Ron Wyden, an Oregon Democrat serving on the Senate Finance Committee, called the bank’s settlement decision a “step towards justice and a vindication of my staff’s investigation into how major Wall Street banks enabled Epstein’s crimes.”

Wyden stated the bank “willfully looked the other way” as Black transferred the $170 million to Epstein through “huge wire transfers,” frequently in $10 million or $20 million amounts.