Bank of America has agreed to pay $72.5 million to resolve a class-action lawsuit filed by victims of convicted sex offender Jeffrey Epstein, who accused the financial institution of enabling his trafficking operations.
The settlement, disclosed in court filings, stems from claims that the bank failed to act on warning signs linked to Epstein’s financial activities and continued providing services despite alleged “red flags” surrounding his conduct.
According to the plaintiffs, the bank prioritised profit over due diligence, allegedly overlooking suspicious transactions connected to Epstein’s network. The case was initiated by a woman identified as “Jane Doe” on behalf of herself and other victims.
In response, Bank of America denied any wrongdoing, stating, “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.”
Lawyers representing the victims described the agreement as the most practical outcome, noting that many of those affected had suffered harm years earlier and required financial compensation.
The settlement remains subject to approval by a U.S. federal judge and is expected to bring an end to what could have been a prolonged legal battle.
The lawsuit is one of several brought against major financial institutions over their alleged links to Epstein’s operations. Previous settlements include $290 million by JPMorgan Chase and $75 million by Deutsche Bank in similar cases.
Epstein, a financier with extensive high-profile connections, was arrested in 2019 on sex trafficking charges and later died in custody while awaiting trial.
The latest settlement underscores ongoing scrutiny of financial institutions over their role in monitoring and reporting suspicious transactions tied to criminal activities.
