Bank of America Reaches Settlement with Jeffrey Epstein Survivors
A hearing is set for April, during which a US District Judge will determine whether to approve the settlement, as stated by reports.
The lawsuit, initiated last year, contends that the nation’s second-largest bank provided financial support to Epstein and his trafficking network, managing accounts used by victims and key associates, including Ghislaine Maxwell and Leon Black, the 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 representative said, as reported.
The agreement does not require the bank to admit liability and applies to all women who were sexually exploited or trafficked by Epstein or members of his network between June 30, 2008, and July 6, 2019, with lawyers identifying at least 60 victims.
Plaintiffs assert that the bank failed to adequately monitor accounts and did not report suspicious transactions promptly. Among these was $170 million from Leon Black’s account, labeled as “tax and estate planning advice,” which they claim helped finance Epstein’s trafficking activities.
Leon Black, described as a “critical witness” by victims’ attorney Sigrid McCawley, was scheduled for an eight-hour deposition this month but did not attend after the Bank of America settlement was announced. Black is not a defendant in the case and has denied any involvement in Epstein’s crimes.
Other financial institutions, including JPMorgan Chase and Deutsche Bank, have previously reached settlements with Epstein survivors, paying $290 million and $75 million, respectively.
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