Bank of America Settles Epstein Lawsuit for $72.5 Million

Bank of America has reached a $72.5 million settlement with women who sued the bank, claiming it enabled Jeffrey Epstein's sex trafficking operations. The agreement comes after similar settlements with other major banks, including JPMorgan Chase and Deutsche Bank.

Bank of America will pay $72.5 million to resolve claims from women who alleged the financial institution helped facilitate Jeffrey Epstein’s sex trafficking crimes, according to court documents filed Friday in New York.

The settlement amount was revealed in court filings after attorneys for both sides informed U.S. District Judge Jed Rakoff earlier this month they had reached a preliminary agreement, though financial terms remained confidential until now.

A Bank of America representative issued a statement saying the company continues to maintain its innocence while acknowledging the resolution benefits all parties involved. “While we stand by our prior statements made in the filings in this case, including that Bank of America did not facilitate sex trafficking crimes, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs,” the spokesperson stated.

Plaintiff attorneys David Boies and Bradley Edwards explained in court documents that the settlement serves their clients’ best interests “given that many Class Members suffered harm many years ago and are in need of financial relief now.”

Legal fees for the plaintiffs’ representation could reach as much as 30% of the total settlement, potentially totaling approximately $21.8 million, court records indicate.

Judge Rakoff must approve the settlement before it becomes final, with a hearing scheduled for Thursday to review the agreement.

The class action case began in October when a woman identified as Jane Doe filed suit against the nation’s second-largest bank, claiming it overlooked questionable financial activity connected to Epstein despite having extensive knowledge of his criminal behavior because profits took priority over victim protection.

Bank of America has maintained that the allegations merely involved providing standard banking services to individuals who had no apparent connection to Epstein at the time, calling suggestions of deeper involvement “threadbare and meritless.”

In January, Judge Rakoff determined that Bank of America must address Doe’s allegations that it deliberately profited from Epstein’s trafficking operation and interfered with federal anti-trafficking law enforcement. The suspicious transactions highlighted by Doe included payments made to Epstein by Leon Black, the billionaire co-founder of Apollo Global Management.

Black resigned from his position as Apollo’s chief executive in 2021 following an independent investigation that revealed he had paid Epstein $158 million for tax and estate planning services.

Black has maintained his innocence and stated he was unaware of Epstein’s criminal activities.

The same legal team representing Doe has pursued other entities they claim enabled Epstein’s trafficking network, securing a $290 million settlement with JPMorgan Chase and a $75 million agreement with Deutsche Bank in 2023 on behalf of Epstein’s victims.

The attorneys are currently appealing Judge Rakoff’s January decision to dismiss a comparable lawsuit they filed against Bank of New York Mellon.

Epstein was found dead in his Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges. New York City’s medical examiner determined his death was a suicide.