Bank of America has reached a settlement agreement in a class-action lawsuit alleging the financial institution facilitated Jeffrey Epstein’s sex trafficking operation. The resolution, which requires court approval, follows similar settlements by JPMorgan Chase ($290 million) and Deutsche Bank ($75 million) in related cases.
The lawsuit was originally filed in October by a Florida woman who reported being abused by Epstein on numerous occasions between 2011 and 2019. Court documents revealed she maintained two Bank of America accounts under the direction of Epstein’s business team. The complaint alleged the bank possessed substantial evidence of Epstein’s trafficking activities but prioritized profits over victim protection.
Evidence presented included records showing “incredibly alarming and erratic banking behavior” through accounts controlled by Epstein’s associates. The filing also referenced over $150 million in payments from billionaire Leon Black, Apollo Global co-founder, to Epstein for purported consulting services. Black, who resigned from Apollo following scrutiny of his Epstein connections, has denied any wrongdoing and was scheduled for deposition later this month.
Bank of America had previously sought dismissal of the lawsuit, characterizing the allegations as “threadbare and meritless” and maintaining it provided routine banking services to clients without known Epstein connections at the time. Both parties notified the court Monday of their “settlement in principle” and are expected to provide additional details on March 27th, with a hearing scheduled for April 2nd.
Sigrid McCawley, legal representative for the victims, described the settlement as “one more step on the road to much deserved justice.” Bank of America declined to comment on the agreement, whose financial terms remain undisclosed.