A U.S. federal judge on Thursday approved Bank of America’s $72.5 million class-action settlement with accusers of Jeffrey Epstein, resolving claims the bank facilitated financial transactions linked to his sex trafficking network.
The agreement, finalized in March, was challenged by three accusers who argued the deal was overly broad, requiring them to waive related claims against Bank of America and other potential defendants without compensation. U.S. District Judge Jed Rakoff in Manhattan rejected those objections, stating the settlement would provide many victims with substantial compensation and partial justice.
The lawsuit centered on allegations that Bank of America ignored suspicious financial activity involving Epstein’s accounts, including transactions occurring after his 2008 guilty plea for prostitution-related charges. Epstein, a registered sex offender at the time, died in August 2019 while awaiting trial on federal sex trafficking charges in New York.
Lead plaintiff Jane Doe, a Florida resident who met Epstein in Russia, alleged she was abused at least 100 times and that Epstein wired money repeatedly through her Bank of America accounts to fund his activities. The bank has maintained it did not facilitate sex trafficking crimes.
The settlement follows similar deals by JPMorgan Chase and Deutsche Bank, which agreed to pay $290 million and $75 million respectively in 2023 to resolve related claims. Bank of America remains the second-largest U.S. bank by assets.
