Bank of America has agreed to a $72.5 million settlement in a high-profile class-action lawsuit alleging the financial institution facilitated Jeffrey Epstein’s sex trafficking operations. The resolution, filed in New York federal court on Friday, awaits final judicial approval.
The legal action was initiated in October by an anonymous Florida woman identified as ‘Jane Doe,’ who claimed Epstein abused her ‘on at least 100 occasions’ between 2011 and 2019. The plaintiff maintained two Bank of America accounts under the direction of Epstein’s business associates, which allegedly displayed ‘incredibly alarming and erratic banking behavior.’
Court documents reveal the lawsuit accused Bank of America of possessing ‘a plethora of information regarding Epstein’s sex trafficking operation but chose profit over protecting the victims.’ The banking giant had previously moved to dismiss the case, characterizing the allegations as ‘threadbare and meritless’ and maintaining it provided routine services to clients without known Epstein connections.
In an official statement Saturday, Bank of America clarified the settlement represents ‘no admission of liability’ or ‘wrongdoing,’ adding that the resolution ‘allows us to put this matter behind us and provides further closure for the plaintiffs.’
The case marks the third major financial settlement in the Epstein scandal, following JP Morgan Chase’s $290 million and Deutsche Bank’s $75 million agreements. Notably, the lawsuit referenced over $150 million in payments made to Epstein by billionaire Leon Black, co-founder of Apollo Global, for purported ‘tax and estate planning advice’ through Black’s Bank of America account. Black, who resigned from Apollo amid scrutiny of his Epstein connections, has denied any wrongdoing.
Sigrid McCawley, legal representative for the victims, characterized the settlement as ‘one more step on the road to much deserved justice.’ The plaintiff described Epstein’s August 2019 jail death—ruled a suicide—as her ‘ultimate escape.’