Bank of America has agreed to pay $72.5 million to settle a class action lawsuit alleging it facilitated the late financier Jeffrey Epstein's sex trafficking operation. The settlement, detailed in a Manhattan federal court filing released on Friday, requires approval from US District Judge Jed Rakoff.
The proposed deal would provide compensation to "all women who were sexually abused or trafficked by Jeffrey Epstein, or by any person who is connected to or otherwise associated with Jeffrey Epstein or any Jeffrey Epstein sex-trafficking venture, between June 30, 2008 and July 6, 2019, inclusive," according to the court document. Lawyers involved have stated they are aware of at least 60 women victimised by Epstein during that period.
Legal Proceedings and Bank's Stance
Judge Rakoff has set a deadline of March 27 for the parties to file the formal settlement terms, with a hearing scheduled for April 2 to decide on approval. In a statement, Bank of America said the agreement allows it to "put this matter behind us and provides further closure for the plaintiffs."
The bank continues to deny any wrongdoing, explicitly stating: "Bank of America did not facilitate sex trafficking crimes."
Context of Broader Litigation
This settlement follows similar high-profile cases against other financial institutions. JPMorgan previously agreed to a $290 million payout, and Deutsche Bank settled for $75 million in lawsuits brought by the same legal team representing Epstein's victims.
Epstein, who associated with prominent figures in business and politics, was found dead in his Manhattan jail cell on August 10, 2019, while awaiting trial on federal sex-trafficking charges. Judge Rakoff had previously dismissed a parallel lawsuit against BNY Mellon but allowed portions of the case against Bank of America to proceed.
The resolution of this case marks another step in the legal reckoning for institutions accused of enabling Epstein's activities, though the bank maintains its denial of the core allegations. The court's decision in April will determine the final outcome for the claimants.