Bank of America has reached a settlement in principle to resolve a civil lawsuit filed by women who accused the bank of facilitating sexual abuse by disgraced financier Jeffrey Epstein. The agreement, disclosed in a court filing, was confirmed during a March 12 telephone call between lawyers for both parties and U.S. District Judge Jed Rakoff in Manhattan. While the terms of the settlement have not been made public, it remains subject to judicial approval, with legal filings due by March 27 and a hearing scheduled for April 2.
The lawsuit, filed as a proposed class action by a woman identified as Jane Doe, alleged that Bank of America ignored suspicious financial transactions linked to Epstein despite extensive warning signs, prioritizing profits over the safety of victims. The bank denied the allegations, maintaining it only provided routine banking services to clients without known ties to Epstein at the time. In January, Judge Rakoff ruled that the case could proceed, finding sufficient grounds for claims that the bank knowingly benefited from Epstein’s sex trafficking activities and obstructed enforcement of federal anti-trafficking laws.
The case is part of a broader wave of litigation targeting institutions accused of enabling Epstein’s crimes. Previous settlements include $290 million from JPMorgan Chase and $75 million from Deutsche Bank in 2023. Epstein, who died in a Manhattan jail in 2019 while awaiting trial on sex trafficking charges, had longstanding ties to powerful financial figures, including Apollo Global Management co-founder Leon Black, who has denied any wrongdoing. If approved, the settlement will cancel a planned deposition of Black and avert a trial previously set for May.
Pic Courtesy: google/ images are subject to copyright
