Bank of America's $105 million settlement with Epstein victims wins preliminary approval

A US judge has granted preliminary approval to Bank of America’s $72.5 million (approximately $105.3 million AUD) settlement with women who allege the bank facilitated their sexual abuse by Jeffrey Epstein. Judge Jed Rakoff scheduled a hearing on August 27th to consider final approval, anticipating claims from 60 to 75 victims, primarily from the United States and Eastern Europe. Plaintiffs’ lawyers may seek up to 30% of the settlement, roughly $21.8 million, for legal fees.

Judge Rakoff emphasized the importance of compensating Epstein’s victims through those who unlawfully aided his sex trafficking, while also stating that not all associated parties should be held liable. He noted, “It's not fair to penalise those persons or entities that were drawn into his wide orbit but had no role in assisting or benefiting from his egregious misconduct.” The lawsuit accused Bank of America of disregarding suspicious financial activity linked to Epstein, prioritizing profit over victim protection.

This settlement follows similar agreements with JP Morgan ($290 million) and Deutsche Bank ($75 million) on behalf of Epstein’s accusers. Lawyers for the plaintiffs are also appealing the dismissal of a lawsuit against Bank of New York. Bank of America maintains it did not facilitate sex trafficking, stating the settlement allows them to move forward and provide closure for the accusers.

(Source：Abc)