Bank of America reached a $72.5 million settlement with victims of Jeffrey Epstein who alleged the bank ignored red flags that facilitated his sex trafficking. The lawsuit claimed the bank knowingly profited from Epstein's illicit activities, including improper financial dealings. The settlement came as Leon Black was scheduled for deposition. Bank of America denies wrongdoing but seeks closure with the agreement.
Bank of America has agreed to pay $72.5 million to victims of Jeffrey Epstein who accused the bank of ignoring "numerous red flags" that facilitated the trafficking of young girls. The lawsuit, brought on behalf of a woman identified in court papers only as Jane Doe and "all others similarly situated," claimed Bank of America knowingly profited from Epstein's sex trafficking by ignoring improper financial dealings, including a $170 million payment to Epstein from billionaire Leon Black, cofounder of Apollo Global Management, purportedly for "tax and estate planning advice.
"The settlement was reached the same day Black was scheduled to be deposed in the case. Epstein’s victims said the bank "went far beyond what a non-complicit bank would have done and instead assisted Epstein in setting up the necessary financial structure to operate his sex-trafficking venture."RELATED: DOJ releases more Epstein files accusing Trump of sexual assaultIn court filings, the victims’ attorneys said the settlement was the best option "given that many suffered harm many years ago and are in need of financial relief now."Bank of America has long denied wrongdoing, arguing that it only provided routine services to people who were not known Epstein associates at the time. RELATED: ‘Titanic-inspired’ statue of Trump, Epstein pops up in DC"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 spokesperson for Bank of America said in a statement to Reuters. Epstein, a wealthy financier, was known for socializing with celebrities, politicians, billionaires and the academic elite, including President Donald Trump and former President Bill Clinton. Epstein was first accused of sexually abusing underage girls in 2005, but he made a secret deal with the U.S. attorney in Florida to avoid federal charges, enabling him to plead guilty in 2008 to a relatively minor state-level prostitution charge. He served 13 months in a jail work-release program.RELATED: New photos from Epstein's estate show Trump, Bill Clinton and moreThe recent Justice Department release of millions of pages of documents from law enforcement probes of Epstein show he had regular contact with CEOs, journalists, scientists and prominent politicians long after his 2008 conviction in state court in Florida on sex crimes charges.In 2019, Manhattan federal prosecutors revived the case and charged Epstein with sex trafficking, alleging he sexually abused dozens of girls. He killed himself in jail a month after his arrest.The woman at the center of the Bank of America lawsuit said she was living in Russia when she met Epstein in 2011 and was "coerced into a cult-like life," according to The Associated Press. It said she was paid by Epstein through a Bank of America account as she was controlled "financially, emotionally, and psychologically" by Epstein from 2011 through 2019. She said he sexually abused her on at least 100 occasions, including raping her and forcing her to engage sexually with other women for his sexual gratification.RELATED: Epstein emails say Trump 'spent hours' with one of Epstein's victimsThe lawsuit alleged that Epstein paid her rent and income from a phony job through a Bank of America account, and held her immigration status "over her head, until her ultimate escape when Jeffrey Epstein died."Bank of America isn’t the only financial institution to settle with Epstein’s victims, according to Reuters. In 2023, JPMorgan Chase agreed to a $290 million settlement, while Deutsche Bank reached a $75 million settlement with Epstein’s accusers.
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