Bank of America has reached a $72.5 million (£54.6 million) settlement in a lawsuit brought on behalf of victims of Jeffrey Epstein, who had accused the bank of facilitating his sex trafficking operation. The proposed class-action lawsuit was filed in October by a Florida woman who claims to have been abused by Epstein 'on at least 100 occasions' between 2011 and 2019 and maintained two accounts at Bank of America under the direction of Epstein's business team.
The lawsuit alleges that the bank had 'a plethora of information regarding Epstein's sex trafficking operation but chose profit over protecting the victims'. In court documents, Bank of America asserts that this settlement is 'no admission of liability' or 'wrongdoing' on its part.
Details of the settlement, reached earlier this month, were only disclosed after court documents were filed on Friday in a New York federal court, pending a judge's approval.
Sigrid McCawley, a lawyer representing the victims, stated that the resolution is 'one more step on the road to much deserved justice'. This latest settlement is the third of its kind by a major bank, following JP Morgan Chase's $290 million and Deutsche Bank's $75 million payouts related to Epstein.
The lawsuit points to troubling banking behaviors in the accuser's Bank of America accounts used by Epstein’s team. The survivor recalls meeting Epstein in Russia in 2011 and subsequently being controlled and abused by him until his death in jail in 2019, which she described as her 'ultimate escape'.
Additionally, the lawsuit references over $150 million paid to Epstein by billionaire Leon Black for supposed 'tax and estate planning advice', raising further scrutiny over Black’s connections to Epstein.
While Bank of America previously sought to dismiss the lawsuit, calling it 'threadbare and meritless', it now views the resolution as a way to bring closure to the plaintiffs, asserting that it did not facilitate any sex trafficking crimes.
The lawsuit alleges that the bank had 'a plethora of information regarding Epstein's sex trafficking operation but chose profit over protecting the victims'. In court documents, Bank of America asserts that this settlement is 'no admission of liability' or 'wrongdoing' on its part.
Details of the settlement, reached earlier this month, were only disclosed after court documents were filed on Friday in a New York federal court, pending a judge's approval.
Sigrid McCawley, a lawyer representing the victims, stated that the resolution is 'one more step on the road to much deserved justice'. This latest settlement is the third of its kind by a major bank, following JP Morgan Chase's $290 million and Deutsche Bank's $75 million payouts related to Epstein.
The lawsuit points to troubling banking behaviors in the accuser's Bank of America accounts used by Epstein’s team. The survivor recalls meeting Epstein in Russia in 2011 and subsequently being controlled and abused by him until his death in jail in 2019, which she described as her 'ultimate escape'.
Additionally, the lawsuit references over $150 million paid to Epstein by billionaire Leon Black for supposed 'tax and estate planning advice', raising further scrutiny over Black’s connections to Epstein.
While Bank of America previously sought to dismiss the lawsuit, calling it 'threadbare and meritless', it now views the resolution as a way to bring closure to the plaintiffs, asserting that it did not facilitate any sex trafficking crimes.
