A U.S. federal judge has granted final approval to Bank of America’s $72.5 million settlement with women who accused the bank of facilitating their sexual abuse by Jeffrey Epstein. The bank continues to deny that it facilitated sex trafficking crimes.
A U.S. federal judge has granted final approval to Bank of America’s $72.5 million class action settlement with women who accused the bank of facilitating their sexual abuse by Jeffrey Epstein.
U.S. District Judge Jed Rakoff approved the settlement at a hearing in Manhattan on Thursday, saying the agreement would provide many victims with substantial compensation and at least partial justice.
The lawsuit was brought by women who alleged that Bank of America ignored suspicious financial transactions connected to Epstein and his associates despite information about his criminal conduct.
The lead plaintiff, identified by the pseudonym Jane Doe, alleged that Epstein sexually abused her repeatedly between 2011 and 2019 and that money connected to him moved through her Bank of America accounts. The lawsuit accused the bank of knowingly benefiting from Epstein’s trafficking operation.
Bank of America has denied facilitating sex trafficking crimes and did not admit liability or wrongdoing as part of the settlement. The bank previously said the agreement would allow it to put the litigation behind it while providing closure for the accusers.
Several women objected to the settlement, arguing that its terms were too broad because they would require participants to give up certain related claims against Bank of America and other potential defendants.
Judge Rakoff rejected those objections and determined that the settlement provided meaningful compensation to victims. The settlement provides $72.5 million in cash for eligible members of the class. Court documents also indicate that attorneys representing the plaintiffs may seek fees and expenses from the settlement fund.
The Bank of America case is part of a wider series of lawsuits targeting financial institutions over their alleged relationships with Epstein.
In 2023, JPMorgan Chase agreed to pay $290 million to settle a similar lawsuit brought by Epstein accusers, while Deutsche Bank agreed to a $75 million settlement. Bank of America subsequently faced its own litigation over allegations involving Epstein related transactions.
Epstein died in a Manhattan jail in August 2019 while awaiting trial on federal sex-trafficking charges. New York City’s medical examiner ruled his death a suicide.
The approval of Bank of America’s settlement resolves the class-action litigation without a finding that the bank committed the alleged conduct. The agreement instead brings the case to an end through compensation for eligible claimants.
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