Bank of America agrees to pay US$72.5 million to settle Epstein accusers' lawsuit

Bank of America has agreed to a US$72.5 million settlement with women who accused the bank of facilitating Jeffrey Epstein’s sexual abuse. Lawyers for both parties informed Judge Jed Rakoff earlier this month of a “settlement in principle,” but details remained undisclosed until now. Bank of America maintains it did not facilitate sex trafficking but seeks to resolve the matter and provide relief to the plaintiffs. The settlement requires Judge Rakoff’s approval, with a hearing scheduled for Thursday.

The lawsuit, initially filed by a plaintiff under the pseudonym Jane Doe, alleged that Bank of America ignored suspicious financial transactions linked to Epstein, prioritizing profit over victim protection. The bank previously argued it only provided routine services to individuals with no known connection to Epstein at the time. However, Judge Rakoff ruled in January that Bank of America must face claims it knowingly benefited from Epstein’s sex trafficking and obstructed enforcement of the Trafficking Victims Protection Act, citing payments from figures like Leon Black of Apollo Global Management.

This settlement follows similar agreements with JPMorgan Chase (US$290 million) and Deutsche Bank (US$75 million) on behalf of Epstein’s accusers. The plaintiffs’ lawyers may seek up to 30% of the settlement amount for legal fees. They are also appealing the dismissal of a similar lawsuit against Bank of New York Mellon. Epstein died by suicide in a Manhattan jail cell in 2019 while awaiting trial.

(Source：The Standard 英文虎報)