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Bank of America to Pay USD72.5M to Survivors of Epstein
(MENAFN) Bank of America has reached a $72.5 million settlement with survivors of Jeffrey Epstein’s sex-trafficking operation, who allege that the bank played a role in facilitating and benefiting from his criminal activities.
US District Judge Jed Rakoff, who is overseeing the case, is set to hold a hearing in April to decide whether to approve the settlement, according to reports.
The lawsuit, filed last year, claims that the country’s second-largest bank provided financial services to Epstein and his trafficking network, including accounts used by victims and associates such as Ghislaine Maxwell and Leon Black, former CEO of Apollo Global Management.
“While we stand by our prior statements made in the filings in this case, including that Bank of America did not facilitate sex trafficking crimes, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs,” a Bank of America spokesperson said.
The settlement does not require the bank to admit liability. It covers all women sexually abused or trafficked by Epstein—or members of his network—between June 30, 2008, and July 6, 2019, with at least 60 victims identified, according to lawyers representing the plaintiffs.
The plaintiffs allege that the bank failed to properly monitor accounts and did not file timely suspicious activity reports for questionable transactions, including $170 million from Leon Black’s account, labeled as “tax and estate planning advice,” which they claim funded Epstein’s trafficking operations.
Leon Black, considered a “critical witness” by victims’ attorney Sigrid McCawley, was scheduled for an eight-hour deposition this month but did not appear following the Bank of America settlement. Black is not named as a defendant and has denied any involvement in Epstein’s crimes.
Survivors have also reached settlements with JPMorgan Chase and Deutsche Bank, receiving $290 million and $75 million, respectively.
US District Judge Jed Rakoff, who is overseeing the case, is set to hold a hearing in April to decide whether to approve the settlement, according to reports.
The lawsuit, filed last year, claims that the country’s second-largest bank provided financial services to Epstein and his trafficking network, including accounts used by victims and associates such as Ghislaine Maxwell and Leon Black, former CEO of Apollo Global Management.
“While we stand by our prior statements made in the filings in this case, including that Bank of America did not facilitate sex trafficking crimes, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs,” a Bank of America spokesperson said.
The settlement does not require the bank to admit liability. It covers all women sexually abused or trafficked by Epstein—or members of his network—between June 30, 2008, and July 6, 2019, with at least 60 victims identified, according to lawyers representing the plaintiffs.
The plaintiffs allege that the bank failed to properly monitor accounts and did not file timely suspicious activity reports for questionable transactions, including $170 million from Leon Black’s account, labeled as “tax and estate planning advice,” which they claim funded Epstein’s trafficking operations.
Leon Black, considered a “critical witness” by victims’ attorney Sigrid McCawley, was scheduled for an eight-hour deposition this month but did not appear following the Bank of America settlement. Black is not named as a defendant and has denied any involvement in Epstein’s crimes.
Survivors have also reached settlements with JPMorgan Chase and Deutsche Bank, receiving $290 million and $75 million, respectively.
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