Bank of America has agreed to pay $72.5 million to settle a civil lawsuit filed by women who accused the bank of enabling their sexual abuse by Jeffrey Epstein, according to court records released on Friday.
Earlier this month, attorneys representing both the bank and the plaintiffs informed Manhattan-based U.S. District Judge Jed Rakoff that they had reached a “settlement in principle,” although specific terms were not disclosed at that time.
“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,” a spokesperson for Bank of America said in a statement.
In a joint filing, plaintiffs’ attorneys David Boies and Bradley Edwards stated that the settlement was the most practical outcome for their clients, noting that “given that many Class Members suffered harm many years ago and are in need of financial relief now.”
Court documents indicate that the legal team representing the plaintiffs may request up to 30% of the total settlement—approximately $21.8 million—as attorney fees.
The agreement still requires approval from Judge Rakoff, who has scheduled a hearing for Thursday to review the proposed deal.
The class action lawsuit, initially filed in October by a woman identified as Jane Doe, alleged that Bank of America ignored suspicious financial transactions linked to Epstein despite having access to extensive information about his activities. The complaint claimed the bank prioritized profits over the safety of victims.
Bank of America has maintained that the allegations were unfounded, arguing that it only provided standard banking services to individuals who were not publicly known to be associated with Epstein at the time. The bank described claims of deeper involvement as “threadbare and meritless.”
In January, Judge Rakoff ruled that the case could proceed, allowing claims that the bank knowingly benefited from Epstein’s sex trafficking operations and obstructed enforcement of the federal Trafficking Victims Protection Act.
Among the transactions highlighted in the lawsuit were payments made to Epstein by Apollo Global Management co-founder Leon Black. Black stepped down as CEO of Apollo in 2021 after an external review found he had paid Epstein $158 million for tax and estate planning services. He has denied any wrongdoing and stated he was unaware of Epstein’s criminal conduct.
The plaintiffs’ legal team has also pursued cases against other financial institutions alleged to have facilitated Epstein’s activities. In 2023, they secured settlements of $290 million with JPMorgan Chase and $75 million with Deutsche Bank on behalf of Epstein’s accusers.
Additionally, the lawyers are appealing Judge Rakoff’s January dismissal of a similar lawsuit filed against Bank of New York Mellon.
Epstein died in a Manhattan jail in August 2019 while awaiting trial on sex trafficking charges. His death was officially ruled a suicide by New York City’s medical examiner.
