Bank of America has reached a settlement in a civil lawsuit brought by women who accused the bank of facilitating their sexual abuse by Jeffrey Epstein, according to court records. The settlement, disclosed in a court filing on Monday, was reached during a telephone call on 12 March between lawyers for the bank and the plaintiffs, who informed US District Judge Jed Rakoff of the agreement. The terms of the settlement have not been disclosed and require judicial approval.
The proposed class action, filed in October under the pseudonym Jane Doe, alleged that Bank of America ignored suspicious financial transactions linked to Epstein despite having extensive information about his crimes, prioritising profit over the protection of survivors. The bank had previously argued that it only provided routine services to individuals with no known ties to Epstein at the time, and that claims of deeper involvement were 'threadbare and meritless'.
In January, Judge Rakoff ruled that Bank of America must face claims that it knowingly benefited from Epstein's sex trafficking and obstructed enforcement of the Trafficking Victims Protection Act. Among the transactions flagged were payments to Epstein by Leon Black, co-founder of Apollo Global Management, who stepped down as CEO in 2021 after a review found he had paid Epstein $158 million for tax and estate planning. Black has denied wrongdoing and stated he was unaware of Epstein's criminal conduct.
A scheduled deposition of Black on 26 March and a trial set for 11 May are not expected to proceed if the settlement is approved. Lawyers for the women, Sigrid McCawley, described the resolution as 'one more step on the road to much-deserved justice'. The settlement follows similar agreements with JPMorgan Chase ($290 million) and Deutsche Bank ($75 million) in 2023 on behalf of Epstein accusers.
Epstein died in a Manhattan jail cell in August 2019 while awaiting trial on sex-trafficking charges, with his death ruled a suicide by the New York City medical examiner. The settlement requires final approval from Judge Rakoff, with legal papers due by 27 March and a hearing scheduled for 2 April.
