 "Bank of America pays $72.5mn to settle Epstein-linked lawsuit")
The Bank of America has agreed to pay $72.5 million to settle a class action lawsuit that alleges that it was involved in a sex trafficking ring operated by Jeffrey Epstein.
While denying any connection with Epstein’s crimes, BOA said, “This resolution allows us to put this matter behind us and provides further closure for the plaintiffs.”
An unnamed woman filed the lawsuit on behalf of herself and other alleged victims. She accused the bank’s executives of “ignoring red flags” about Epstein’s sex trafficking venture to provide him with banking and investment services.
The settlement, if approved in court, would avoid a potentially lengthy trial process and was deemed to be in the “best interests” of the plaintiffs.
BOA became the latest financial institution to settle a lawsuit related to the Epstein case. Earlier, JP Morgan agreed to pay a $75 million, while Deutsche Bank settled a $75 million payment in 2023.
How is BOA involved in the Epstein case?
Most of Bank of America’s dealings with Jeffrey Epstein began after JPMorgan Chase cut ties with him. By then, his primary victims were young women, many aspiring models from Russia and Ukraine.
In 2013, Bank of America opened an account for a 22-year-old woman at the direction of Epstein’s associates, despite concerns that she spoke little English and had no job or clear source of income—factors the lawsuit described as potential warning signs of sex trafficking.
Epstein files
Epstein, a billionaire hedge fund manager with a bevvy of powerful and celebrity friends, was charged with sex trafficking of minors after being arrested in July 2019.
He had already been convicted in 2008 of soliciting sex from girls as young as 14.
Epstein committed suicide while being held at Manhattan’s Metropolitan Correctional Center in August 2019.
His case has remained politically charged, with continuing disputes over the release of investigative records and the extent of his network.
Quick Reads
View AllThe US Justice Department’s release of millions of files related to prosecutors’ investigations of Epstein in recent months has embroiled several high-profile executives and politicians.
With inputs from agencies
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