Bank of America sets aside $72.5 million to settle Epstein victims' lawsuit.

Bank of America, one of the major U.S. financial institutions, has agreed to pay $72.5 million to settle a civil lawsuit brought by victims of sexual abuse linked to Jeffrey Epstein. Reuters reported this based on court documents.

 

It is reported that the parties informed U.S. District Judge Jed Rakoff in Manhattan earlier this month that they had reached an agreement, but the terms of the deal were not disclosed. The settlement now needs court approval.

 

In a statement, a bank representative reiterated the institution's previously stated position that it did not facilitate human trafficking crimes. At the same time, it noted that the settlement would resolve the matter and provide a measure of satisfactory resolution for the plaintiffs.

 

Attorneys David Boies and Bradley Edwards, representing the plaintiffs' interests, stated that this settlement is the most appropriate option for the victims. They emphasized that many plaintiffs suffered harm years ago and are now in need of financial assistance. According to court documents, the attorneys may request up to 30% of the compensation, approximately $21.8 million, as a fee.

 

The initial lawsuit was filed in October 2024 under the pseudonym "Jane Doe," alleging that Bank of America turned a blind eye to suspicious financial transactions related to Jeffrey Epstein, prioritizing profit over the safety of the victims.

 

The bank, in turn, stated that it only provided standard banking services, had no knowledge of its clients' connections with Epstein at the time, and denied the allegations.

 

In January, Judge Jed Rakoff ruled that the bank must face trial on the plaintiffs' claims that it knowingly profited from Epstein's sex trafficking network and obstructed law enforcement.

 

The case materials also mention payments made to Epstein by Apollo Global Management co-founder Leon Black. He left the company's leadership in 2021 following scrutiny over these connections but denied any wrongdoing.

 

Previously, in 2023, as part of lawsuits related to Epstein, JPMorgan Chase agreed to pay $290 million and Deutsche Bank agreed to pay $75 million. Plaintiffs have also appealed a court decision in a similar case against Bank of New York Mellon.

 

In the Epstein case, victims have sued the U.S. Department of Justice and Google, accusing the government of compromising their safety by disclosing personal information.

 

Jeffrey Epstein died in a Manhattan jail in August 2019 while awaiting trial on sex trafficking charges. His death was officially recorded as a suicide.