Bank of America has agreed to settle a lawsuit filed on behalf of victims of Jeffrey Epstein who accused the bank of facilitating Epstein’s sex trafficking operation. The proposed settlement must still receive approval from the court, and financial terms of the agreement have not been disclosed.
The settlement marks the third agreement reached between Epstein victims and a major bank over alleged financial ties to the trafficking network.
Previous Bank Settlements Related To Epstein
Two other major financial institutions have previously reached settlements with victims.
JPMorgan Chase agreed to pay $290 million (£218 million), while Deutsche Bank reached a $75 million settlement in related cases.
Lawyers representing the victims said the latest agreement adds to efforts to secure accountability through civil litigation.
Attorney Sigrid McCawley described the settlement as “one more step on the road to much deserved justice.”
Bank of America declined to comment on the agreement.
Details Of The Lawsuit
The proposed class-action lawsuit was filed in October by a Florida woman who said Epstein abused her “on at least 100 occasions” between 2011 and 2019.
According to the complaint, the woman maintained two accounts at Bank of America at the direction of Epstein’s business team.
The lawsuit alleged that the bank possessed extensive information about Epstein’s trafficking operation but continued providing services to him and related individuals.
It claimed the bank prioritized profit rather than protecting victims.
The filing also cited what it described as “incredibly alarming and erratic banking behavior” in accounts associated with the woman that were allegedly used by Epstein’s associates.
Transactions Cited In The Complaint
The lawsuit also referenced financial transactions involving Leon Black.
According to the complaint, more than $150 million was paid to Epstein through Black’s Bank of America account for what were described as tax and estate planning services.
Black later stepped down from leadership at Apollo Global Management following scrutiny over his financial relationship with Epstein.
He has denied wrongdoing and had been scheduled to provide testimony in the case later this month.
Bank Response And Court Process
Bank of America previously asked the court to dismiss the lawsuit.
The bank argued that it had provided routine financial services to individuals who, at the time, had no known connection to Epstein. It described the allegations in the complaint as “threadbare and meritless.”
Court filings submitted Monday stated that the parties had reached a “settlement in principle.”
Further details about the agreement are expected to be filed with the court on 27 March. A hearing related to the settlement is scheduled for 2 April.
Featured image credits: Flickr
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