Bank of America has reached a $72.5 million settlement to resolve a class-action lawsuit accusing the bank of facilitating the sex-trafficking operations of convicted financier Jeffrey Epstein. Court filings on Friday indicated that the agreement, if approved, would spare plaintiffs and the bank a protracted trial while providing compensation to alleged victims.
The lawsuit, filed by an unidentified woman on behalf of herself and others, contended that Bank of America executives “ignored red flags” about Epstein’s sex-trafficking enterprise by continuing to provide him with banking and investment services. While the bank maintains that it did not support Epstein’s criminal activities, it said the settlement allows the institution to “put this matter behind us and provides further closure for the plaintiffs.”
This settlement follows similar agreements by other major banks linked to Epstein. JP Morgan reached a $75 million resolution in 2023, and Deutsche Bank reportedly paid a comparable sum the same year. Epstein, a billionaire hedge fund manager with extensive ties to high-profile figures, was arrested in July 2019 and charged with the sex trafficking of minors, sparking a wave of legal actions against his associates and financial enablers.
