Bank of America Settles Lawsuit Over Epstein Sex Trafficking Allegations
Bank of America has agreed to settle a lawsuit filed on behalf of victims of Jeffrey Epstein, who accused the bank of enabling his sex trafficking operation.
The terms of the settlement, which now await court approval, have not been publicly disclosed.
This settlement represents the third major bank resolution related to Epstein, following JP Morgan Chase and Deutsche Bank, which agreed to payouts of $290 million (£218 million) and $75 million respectively.
Sigrid McCawley, an attorney representing the victims, stated in a message to that the settlement is
"one more step on the road to much deserved justice". Bank of America has not yet responded to requests for comment.
Details of the Lawsuit
The proposed class-action lawsuit was initiated in October by a Florida woman who alleges she was abused by Epstein on at least 100 occasions between 2011 and 2019. She also claims to have held two Bank of America accounts under Epstein's business team's direction.
The lawsuit asserts that the bank possessed extensive information concerning Epstein's sex trafficking activities but prioritized profit over victim protection.
It highlights a record of
"incredibly alarming and erratic banking behavior"in the plaintiff's Bank of America accounts, which were managed by Epstein's team.
Additionally, the lawsuit references payments exceeding $150 million made to Epstein by billionaire Leon Black, co-founder of Apollo Global Management, for purported "tax and estate planning advice" through Black's Bank of America account.
Leon Black, who resigned from Apollo amid scrutiny over his connections to Epstein, has denied any wrongdoing. He was scheduled to be questioned as part of the case later this month.
Bank of America's Response and Legal Proceedings
Previously, Bank of America sought dismissal of the lawsuit, arguing that it provided routine banking services to individuals who, at the time, had no known links to Epstein. The bank described the complaint as
"threadbare and meritless".
On Monday, both parties informed a judge that they had reached a
"settlement in principle", according to court documents. Further details are expected to be submitted by 27 March, with a court hearing scheduled for 2 April.
