Bank of America Settles Epstein-Related Abuse Claims for $72.5 Million
Bank of America has agreed to pay $72.5 million to resolve a civil lawsuit filed by women who accused the bank of facilitating sexual abuse linked to disgraced financier Jeffrey Epstein, according to court records.
The settlement, reached in principle earlier this month, was disclosed in a filing before U.S. District Judge Jed Rakoff. While the bank denied allegations of facilitating trafficking, it stated that the agreement would allow all parties to move forward and provide closure for the plaintiffs.
In a statement, Bank of America reiterated that it did not enable sex trafficking crimes but emphasized that resolving the case was a step toward ending prolonged litigation.
Attorneys representing the plaintiffs, including David Boies and Bradley Edwards, described the settlement as the best outcome for victims, many of whom suffered harm years ago and require financial relief.
Court documents indicate that legal representatives may seek up to 30% of the settlement—approximately $21.8 million—in legal fees. The agreement remains subject to court approval, with a hearing scheduled to finalize the terms.
The class-action lawsuit, initially filed in October under the pseudonym Jane Doe, alleged that Bank of America ignored suspicious financial activities tied to Epstein despite extensive warning signs. The bank, however, argued that it only provided routine financial services and rejected claims of deeper involvement.
Earlier this year, Judge Rakoff ruled that the bank must face allegations that it knowingly benefited from Epstein’s activities and obstructed enforcement of the Trafficking Victims Protection Act.
The case also referenced payments made to Epstein by Leon Black, co-founder of Apollo Global Management. Black previously stepped down as CEO after an external review found he had paid Epstein $158 million for tax and estate planning services. He has denied any wrongdoing.
