Bank of America reaches tentative settlement over Epstein-linked transactions lawsuit

Bank of America has reached a tentative settlement in a lawsuit accusing it of ignoring suspicious financial transactions connected to Jeffrey Epstein while he was sexually abusing victims. The lawsuit claimed the bank overlooked $170 million paid by financier Leon Black to Epstein, purportedly for financial advice, despite numerous “red flags.” Plaintiffs alleged the bank actively assisted Epstein in establishing the financial infrastructure for his sex-trafficking operation. The settlement was disclosed as Black’s deposition was postponed, and a lawyer for Epstein victims praised the agreement as a step towards justice.

The case highlighted Epstein’s connections to powerful individuals, with documents revealing his regular contact with CEOs, journalists, and politicians even after his 2008 conviction. A review of released documents showed Black’s name appeared over 8,200 times. Black had previously stepped down as CEO of Apollo Global Management, and a company review found no evidence of his involvement in Epstein’s criminal activities.

Senator Ron Wyden stated the settlement was a “step towards justice” and a vindication of investigations into how Wall Street banks enabled Epstein’s crimes, noting the bank “wilfully looked the other way” as large sums of money were transferred to Epstein.

(Source：Abc)