Bank of America settles $105M Epstein-related lawsuit with victims
Consensus Summary
Bank of America has agreed to pay $105.3 million to settle a lawsuit brought by women who accused the bank of facilitating Jeffrey Epstein’s sex trafficking by ignoring suspicious financial transactions. The settlement, valued at $72.5 million (plus currency conversion), follows a class action filed in October 2023 by Jane Doe, with Judge Jed Rakoff granting preliminary approval in August 2024. The bank denies facilitating crimes but acknowledged the resolution would provide closure for victims. The case mirrors earlier settlements with JPMorgan Chase ($290 million) and Deutsche Bank ($75 million), where similar allegations were made against financial institutions enabling Epstein’s activities. Rakoff emphasized compensation for victims while clarifying that not all entities in Epstein’s orbit should be held liable. The settlement may also cover up to 60-75 victims, primarily from the U.S. and Eastern Europe, with legal fees potentially reaching $21.8 million.
✓ Verified by 2+ sources
Key details reported by multiple sources:
- Jeffrey Epstein died in a federal jail in August 2019 while awaiting trial on sex trafficking charges, with his death ruled a suicide by New York City’s medical examiner.
- Bank of America agreed to settle a lawsuit for $72.5 million (equivalent to $105.3 million) with women accusing the bank of facilitating Epstein’s sexual abuse.
- The settlement was reached in March 2024, with a preliminary approval hearing scheduled for August 27, 2024, before US District Judge Jed Rakoff.
- The plaintiffs’ lawyers, David Boies and Bradley Edwards, may seek up to 30% of the settlement ($21.8 million) for legal fees.
- The lawsuit was filed in October 2023 by a woman using the pseudonym Jane Doe, alleging Bank of America ignored suspicious financial transactions linked to Epstein.
- Judge Rakoff ruled in January 2024 that Bank of America must face claims it knowingly benefited from Epstein’s sex trafficking and obstructed the Trafficking Victims Protection Act.
- Epstein’s accusers have also settled with JPMorgan Chase ($290 million) and Deutsche Bank ($75 million) in 2023 for similar allegations.
- Leon Black, Apollo Global Management’s billionaire co-founder, paid Epstein $158 million for tax and estate planning, later stepping down as CEO in 2021.
Points of Difference
Details reported by only one source:
- Bank of America’s spokesperson stated, 'While we stand by our prior statements made in filings, 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 article notes that Bank of America claims Jane Doe’s allegations were 'threadbare and meritless,' arguing she merely alleged routine services for individuals with no known Epstein links.
- The first article mentions a court hearing for Thursday (unspecified date) to consider approving the deal, while the second specifies August 27 for final approval.
- The first article highlights that Rakoff ruled in January that Bank of America must face claims it obstructed the Trafficking Victims Protection Act, while the second omits this specific detail.
- The first article states the plaintiffs' lawyers may seek up to 30% of the settlement, or about $21.8 million, for legal fees, while the second reaffirms this but does not add new context.
Contradictions
Conflicting information between sources:
- No contradictions found between the two sources.
Source Articles
Bank of America's $105m settlement with Epstein victims wins preliminary approval
A US judge has granted preliminary approval to Bank of America's $105.3 million settlement with women who have accused the bank of facilitating their sexual abuse by Jeffrey Epstein....
Bank of America agrees to pay $105 million to settle Epstein-related lawsuit
The Bank of America has agreed to pay $US72.5 million ($105.3 million) to settle a civil lawsuit brought by women who accused the bank of facilitating their sexual abuse by Jeffrey Epstein, court reco...