Bank of America has reached a $72.5 million (£54.6 million) settlement in a lawsuit brought on behalf of victims of Jeffrey Epstein, who had accused the bank of facilitating his sex trafficking operation.
The proposed class-action lawsuit was filed in October by a Florida woman who claims to have been abused by Epstein on at least 100 occasions between 2011 and 2019, using Bank of America accounts at the direction of his business team.
The lawsuit alleged that the bank had a plethora of information regarding Epstein's sex trafficking operation but chose profit over protecting the victims.
In court documents, Bank of America states that the settlement is no admission of liability or wrongdoing on its part.
The settlement was agreed upon earlier this month, though details were only revealed following court filings on Friday in a New York federal court, pending a judge's approval.
Sigrid McCawley, a lawyer for the victims, commented that this resolution is one more step on the road to much deserved justice.
This marks the third settlement by a major bank, with JP Morgan Chase and Deutsche Bank having previously agreed to pay $290 million (£218 million) and $75 million, respectively.
The lawsuit, filed on behalf of a Jane Doe, described incredibly alarming and erratic banking behavior connected to her Bank of America accounts used by Epstein's team. The woman met Epstein in Russia in 2011, then suffered abuse until his death in jail in August 2019, which she described as her ultimate escape.
Furthermore, the lawsuit also mentions over $150 million paid to Epstein by billionaire Leon Black for purported tax and estate planning advice through Black's Bank of America account. Black has denied any wrongdoing and was recently questioned in the ongoing investigation.
Initially, Bank of America sought to dismiss the lawsuit, asserting that they provided routine services to clients with no known association to Epstein, deeming the claims threadbare and meritless.
Despite maintaining their stance, Bank of America expressed that this resolution allows them to move past the controversy and offers closure for the plaintiffs.
