Bank of America Reach USD72.5M Settlement with Survivors
US District Judge Jed Rakoff, who is presiding over the case, is expected to convene a hearing in April to rule on whether to formally approve the agreement, according to a Saturday report by media.
The lawsuit, filed last year, accuses the nation's second-largest bank of providing financial infrastructure to Epstein and his trafficking operation — including maintaining accounts accessed by victims and key associates such as Ghislaine Maxwell and Leon Black, the former chief executive of Apollo Global Management.
In a statement to media, a Bank of America spokesperson stopped short of accepting culpability while signaling the institution's desire to move on. "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," the spokesperson said.
The agreement carries no admission of liability. It extends to all women who were sexually abused or trafficked by Epstein — or by members of his broader network — between June 30, 2008, and July 6, 2019. Attorneys for the plaintiffs have identified at least 60 qualifying victims.
At the center of the allegations is a failure of financial oversight. Plaintiffs contend that Bank of America neglected to properly monitor client accounts and repeatedly failed to file timely suspicious activity reports flagging irregular transactions — among them, $170 million transferred from Black's account under the label "tax and estate planning advice," funds which victims' lawyers allege were funneled directly into Epstein's trafficking operations.
Black, identified as a "critical witness" by victims' lead attorney Sigrid McCawley, had been scheduled to sit for an eight-hour deposition this month. He did not appear following the announcement of the Bank of America settlement. Black is not named as a defendant in the case and has categorically denied any involvement in Epstein's crimes.
The Bank of America agreement adds to a growing tally of financial industry reckoning over institutional ties to Epstein. Survivors have previously secured settlements with JPMorgan Chase and Deutsche Bank, receiving $290 million and $75 million, respectively — bringing the combined total extracted from major financial institutions to over $437 million.
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