Bank of America agrees to $72.5M settlement with Epstein survivors

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Bank of America has agreed to pay $72.5 million to settle a lawsuit filed by Jeffrey Epstein's survivors, who accused the bank of enabling and profiting from Epstein's sex-trafficking operation. The settlement covers all women who were sexually abused or trafficked by Epstein or his associates during the period from June 30, 2008, to July 6, 2019. The bank did not admit liability but said the settlement allows it to 'put this matter behind us and provides further closure for the plaintiffs'.

Why it matters

This settlement is the latest in a series of payouts by major banks accused of failing to properly monitor accounts and report suspicious activity related to Epstein's criminal enterprise. It highlights the ongoing legal fallout from the Epstein scandal and the efforts by survivors to seek justice and compensation.

The details

The lawsuit accused Bank of America of providing banking services to Epstein, his associate Ghislaine Maxwell, and former Apollo Global Management CEO Leon Black, who was described as a 'critical witness' but not a defendant. The survivors alleged the bank failed to properly monitor accounts and file suspicious activity reports in a timely manner.

• The lawsuit was filed last year.
• The settlement covers the period from June 30, 2008, to July 6, 2019.
• A hearing to approve the settlement is scheduled for next month.

What’s next

U.S. District Judge Jed Rakoff will hold a hearing next month to determine whether to approve the $72.5 million settlement.