Bank of America has agreed to pay $72.5 million to settle a civil lawsuit filed by women who accused the bank of aiding Jeffrey Epstein’s sexual abuse.
Court records showed that the agreement followed a “settlement in principle” reached earlier this month, though the terms were not initially disclosed. The settlement still requires approval from U.S. District Judge Jed Rakoff.
A spokesperson for Bank of America said the bank stands by its earlier position that it did not facilitate sex trafficking. However, the company said the deal allows it to move past the case and gives the plaintiffs closure.
Lawyers for the plaintiffs said the settlement offers the best outcome for victims, many of whom suffered harm years ago and now need financial relief.
The plaintiffs’ legal team may seek up to 30 per cent of the settlement, about $21.8 million, in legal fees, according to court filings.
The lawsuit, filed in October by a woman identified as Jane Doe, accused the bank of ignoring suspicious transactions linked to Epstein. It claimed the bank prioritised profit over protecting victims.
Bank of America, however, argued that it only provided routine services to clients with no known connection to Epstein at the time. It described the claims as weak and unfounded.
In January, Judge Rakoff ruled that the case could proceed, allowing claims that the bank knowingly benefited from Epstein’s activities and failed to enforce anti-trafficking laws.
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Epstein, a convicted sex offender, died in 2019 in a Manhattan jail cell while awaiting trial on sex trafficking charges. His death was ruled a suicide.
The case is part of broader legal actions against financial institutions linked to Epstein. Other banks, including JPMorgan Chase and Deutsche Bank, have previously reached settlements with his accusers.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
