Judge Approves $72.5 Million Bank of America Epstein Settlement

U.S. District Judge Jed Rakoff granted final approval on Thursday to a $72.5 million class-action settlement between Bank of America and women who accused the bank of facilitating the sexual abuse of victims by the late financier Jeffrey Epstein. The lawsuit alleged that Bank of America ignored suspicious financial transactions to maintain Epstein's business, even after his 2008 conviction for prostitution.

Lead plaintiff Jane Doe alleged that Epstein used Bank of America accounts to wire money to further his sex trafficking operations between 2011 and 2019. While Bank of America denied facilitating sex trafficking crimes as part of the March settlement agreement, Judge Rakoff rejected arguments from three accusers who claimed the deal was overbroad and required the forfeiture of related claims without compensation.

This agreement follows a series of legal actions against major financial institutions regarding their ties to Epstein. In 2023, accusers reached a $290 million settlement with JPMorgan Chase and a $75 million settlement with Deutsche Bank.