Bank of America settles Epstein lawsuit for $72.5 million
Bank of America Settles Lawsuit Alleging Involvement in Epstein’s Sex Trafficking Operation
Bank of America has agreed to a $72.5 million settlement in a lawsuit that claims the financial institution helped facilitate the sex trafficking activities of convicted sex offender Jeffrey Epstein, according to court documents filed on Friday. The case was initially brought to court in New York federal court last October on behalf of alleged victims of Epstein.
The lawsuit asserts that “Bank of America knowingly and intentionally participated in, assisted, supported, and facilitated Jeffrey Epstein’s sex trafficking venture by providing Jeffrey Epstein and his associates with banking and investment services while Bank of America ignored red flags and failed, or was otherwise negligent, in its compliance and regulatory responsibilities.”
Importantly, the settlement does not include any admission of liability or wrongdoing from Bank of America. The deal still needs to be approved by a judge before it becomes final.
“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 in a statement to CBS News.
The lawsuit was filed on behalf of a woman identified as Jane Doe in court documents, along with others who were allegedly affected by Epstein’s actions. According to the filing, Jane Doe was living in Russia when she met Epstein in 2011 and was “coerced into a cult-like life.” She was reportedly paid through a Bank of America account while being controlled “financially, emotionally, and psychologically” by Epstein from 2011 through 2019. During this time, she was sexually abused on at least 100 occasions, including being raped and forced to engage sexually with other women for Epstein’s gratification.
The lawsuit also stated that Epstein paid her rent and income from a fake job through a Bank of America account, and he held her immigration status over her head until she eventually escaped after Epstein’s death.
Another key figure mentioned in the case is Leon Black, co-founder of Apollo Global Management. Although not a defendant in the lawsuit, Black was described as a “critical witness” by Sigrid McCawley, a lawyer representing Epstein’s victims. The lawsuit accused Bank of America of ignoring $170 million in payments that Black made from a Bank of America account to Epstein, which were supposedly for “tax and estate planning advice.”
During a hearing earlier this month, a lawyer for Black persuaded Judge Jed S. Rakoff to delay Black’s deposition for 10 days, citing that the parties were close to reaching a settlement.
Jeffrey Epstein died in a federal jail in August 2019 while awaiting trial on sex trafficking charges. His death was officially ruled a suicide. He was known for his connections with wealthy and powerful individuals, and the lawsuit claimed he used these relationships to exploit women.
Under U.S. law, banks are required to report any suspicious activity in customer accounts to federal authorities to flag potential criminal activity such as money laundering or fraud. The lawsuit alleged that Bank of America failed to file suspicious activity reports (SARs) related to Epstein’s transactions until after his death in 2019.
Recent disclosures by the Justice Department have revealed millions of pages of documents from law enforcement investigations into Epstein. These documents show that he had regular contact with CEOs, journalists, scientists, and prominent politicians long after his 2008 conviction in Florida for sex crimes.
