Bank of America Pays $72.5M in Epstein Suit

Adriana Stone 0 2 min read

Bank of America Pays $72.5M in Epstein Suit

Bank of America agreed to pay $72.5 million to settle a federal lawsuit that accused the bank of enabling Jeffrey Epstein’s sex-trafficking operation.

The case says the bank ignored “numerous red flags” while doing business with Epstein and people around him. The claim: those missed warnings helped Epstein move money and shield his activity from scrutiny.

Epstein died in 2019 in a federal jail while awaiting trial on sex trafficking charges. The settlement lets the bank avoid a long courtroom fight and gives victims a path to compensation.

Bank of America “While we stand by our prior statements made in the filings in this case, including that Bank of America did not facilitate sex-trafficking crimes, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs,”

The payout is meant to cover “all women who were sexually abused or trafficked by Jeffrey Epstein, or by any person who is connected to or otherwise associated with Jeffrey Epstein or any Jeffrey Epstein sex-trafficking venture, between June 30, 2008 and July 6, 2019, inclusive,” according to the filings.

Lawyers estimate “that there are at least 60 women who were victimized by Epstein between” those dates, the complaint says. One lead plaintiff, identified as Jane Doe, accused Epstein of abusing her on at least 100 occasions after they met in 2011.

The suit also describes how Jane Doe opened a Bank of America account in May 2013 at Epstein’s direction through his accountant and an immigration attorney. The filing alleges Epstein paid her expenses from a Bank of America account and used her immigration status to control her until she left.

Bank of America is the third bank tied to lawsuits over Epstein. JPMorgan Chase paid $290 million in its settlement. Deutsche Bank agreed to $75 million. That trio of payouts has raised hard questions about accountability. No bank executives have faced criminal charges tied to these claims.

At the center of the amended complaint, the filing states: “At the heart of the Amended Complaint, Lead Plaintiff alleges that Jeffrey Epstein’s sex trafficking venture was facilitated and enabled by [Bank of America] helping Epstein avoid regulators’ scrutiny and providing Epstein with withdrawal and wire services, all so Defendant could profit from Epstein and his associates,”

And it adds: “Lead Plaintiff further alleges that Defendant’s assistance to Epstein’s sex trafficking enterprise prevented the authorities from discovering his illegal scheme and increased the size and scale of Epstein’s access to and control of victims, causing damage to members of the Class,”

Sigrid McCawley, a lawyer for the victims, called the deal “one more step on the road to much deserved justice,”

The settlement doesn’t resolve every question. Critics say payouts aren’t the same as criminal accountability. Supporters say victims getting money and closure matters. The case now moves to implementing the settlement and identifying eligible claimants.

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