Bank of America has agreed to pay $72.5 million to resolve a high-profile civil lawsuit brought by women who accused the financial institution of enabling abuse linked to Jeffrey Epstein, according to newly filed court documents.
The proposed settlement, which still requires judicial approval, marks another major development in the broader legal fallout surrounding Epstein’s network and the institutions allegedly connected to his activities. A hearing has been scheduled before Jed Rakoff to determine whether the agreement will be finalized.
Lawyers representing both sides had earlier informed the court they reached a “settlement in principle,” but the financial terms were only disclosed recently.
In a statement, the bank maintained its position, saying, “While we stand by our prior statements made in the filings in this case, including that Bank of America did not facilitate sex trafficking crimes, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs.”
The class action lawsuit, originally filed in 2023 by a plaintiff identified as Jane Doe, alleged that the bank overlooked warning signs tied to Epstein’s financial activity. The complaint argued that the institution prioritized profits over addressing what it described as a “plethora” of red flags connected to his conduct.
However, Bank of America has consistently rejected those claims, arguing it merely provided routine banking services and that any deeper allegations were “threadbare and meritless.”
Attorneys for the plaintiffs, including David Boies and Bradley Edwards, said the settlement reflects a practical outcome for victims. In a joint filing, they noted it was the best path forward “given that many Class Members suffered harm many years ago and are in need of financial relief now.”
Under the terms of the agreement, legal representatives may seek up to 30% of the total settlement—approximately $21.8 million—in fees.
Earlier this year, Judge Rakoff ruled that the case could proceed, allowing claims that the bank knowingly benefited from Epstein’s trafficking operations and potentially violated the Trafficking Victims Protection Act.
Among the financial transactions highlighted in the lawsuit were payments linked to Leon Black, co-founder of Apollo Global Management. Black previously stepped down as CEO in 2021 following an external review that found he had paid Epstein $158 million for tax and estate advisory services. He has denied any wrongdoing and said he was unaware of Epstein’s criminal actions.
This settlement adds to a series of major financial agreements tied to Epstein-related litigation. In 2023, victims secured $290 million from JPMorgan Chase and $75 million from Deutsche Bank in similar cases targeting financial institutions.
Legal efforts against alleged enablers are ongoing, including an appeal involving claims against Bank of New York Mellon, which were dismissed earlier this year.
Epstein, whose case triggered global scrutiny of elite networks and institutional accountability, died in 2019 while in custody awaiting trial. His death was officially ruled a suicide.
