Bank of America has reached a settlement with women who accused the bank of facilitating their sexual abuse by Jeffrey Epstein, according to court records released on Monday. The agreement, which requires approval from a US district judge, represents a step towards justice for the survivors, according to their lawyer.
The proposed class action was filed in October by a woman using the pseudonym Jane Doe. It alleged that the bank ignored suspicious financial transactions linked to Epstein despite having extensive information about his crimes, prioritising profit over protecting survivors. Bank of America had argued that it merely provided routine services to individuals with no known ties to Epstein at the time.
In January, Judge Jed Rakoff ruled that Bank of America must face claims it knowingly benefited from Epstein's sex trafficking and obstructed enforcement of the Trafficking Victims Protection Act. The settlement's terms have not been disclosed, and a court hearing is scheduled for 2 April to consider approval.
Sigrid McCawley, lawyer for the women, said the settlement is 'one more step on the road to much-deserved justice'. The deal follows similar settlements by JPMorgan Chase and Deutsche Bank in 2023, totalling $365m for Epstein accusers. Epstein died by suicide in a Manhattan jail in August 2019 while awaiting trial on sex-trafficking charges.
