Bank of America settles $105m Epstein-related sex trafficking lawsuit with victims
Consensus Summary
Bank of America has agreed to a $105.3 million settlement with victims of Jeffrey Epstein’s alleged sex trafficking, avoiding trial in a class action lawsuit filed by Jane Doe. The case alleges the bank ignored suspicious financial transactions linked to Epstein, prioritizing profit over protecting victims. Judge Jed Rakoff ruled in January that Bank of America must face claims it knowingly facilitated trafficking and obstructed federal laws, though the bank denies direct involvement. The settlement, pending final approval in August, includes potential legal fees of up to $21.8 million for plaintiffs’ lawyers. Jane Doe’s legal team has previously secured larger settlements from JPMorgan Chase ($290 million) and Deutsche Bank ($75 million), targeting other alleged enablers of Epstein’s crimes. The bank’s spokesperson stated the deal provides closure for victims, while Rakoff has signaled continued scrutiny of the resolution.
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Key details reported by multiple sources:
- Jeffrey Epstein died in a federal jail in Manhattan on August 10 2019 while awaiting trial on sex trafficking charges; his death was ruled a suicide by New York City’s medical examiner
- A class action lawsuit was filed in October 2023 by a woman using the pseudonym Jane Doe against Bank of America, alleging the bank facilitated Epstein’s sex trafficking by ignoring suspicious financial transactions
- US District Judge Jed 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
- Bank of America agreed to a $72.5 million ($105.3 million AUD) settlement with Epstein victims, with final approval pending a hearing on August 27 2024 (Article 1) and August 2024 (Article 2)
- The settlement includes potential legal fees of up to 30%, or approximately $21.8 million, for plaintiffs’ lawyers David Boies and Bradley Edwards
- Jane Doe’s lawyers previously secured $290 million from JPMorgan Chase and $75 million from Deutsche Bank in 2023 for Epstein-related claims
- Leon Black, Apollo Global Management’s billionaire co-founder, paid Epstein $158 million for tax and estate planning; Black denies wrongdoing and claims ignorance of Epstein’s crimes
Points of Difference
Details reported by only one source:
- Judge Rakoff explicitly stated he would continue scrutinizing the settlement until final approval, warning 'I continue to scrutinise this until the moment of final settlement'
- The article notes Bank of America’s statement that the settlement 'allows us to move on and provide closure for the accusers'
- The article specifies the August 27 hearing date for final approval (Article 1) while Article 2 mentions a generic 'August 2024' hearing
- Article 1 includes the exact phrasing of Judge Rakoff’s comment: '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'
- Article 1 mentions the plaintiffs' lawyers may seek up to 30% of the settlement, or about $US21.8 million, for legal fees (Article 2 also mentions this but without the exact phrasing)
Contradictions
Conflicting information between sources:
- Article 1 states the August 27 hearing is scheduled to consider final approval, while Article 2 does not specify the exact date beyond 'August 2024'
- Article 1 includes the exact figure of $105.3 million (AUD) for the settlement, while Article 2 only states $105.3 million without specifying currency
- Article 1 mentions the judge’s comment about scrutinizing the settlement until final approval, while Article 2 does not include this specific quote
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...