Bank of America to pay $72.5m to settle Epstein-linked lawsuit

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Washington D.C.: Bank of America has agreed to pay $72.5 million to settle a class action lawsuit alleging its involvement in financial dealings linked to convicted sex offender Jeffrey Epstein.

The bank denied any connection to Epstein’s crimes but said the settlement would help bring closure. “This resolution allows us to put this matter behind us and provides further closure for the plaintiffs,” the company said in a statement.

The lawsuit was filed by an unnamed woman on behalf of herself and other alleged victims, accusing the bank of ignoring warning signs related to Epstein’s activities while continuing to provide him with banking and investment services.

If approved by the court, the settlement would avoid a prolonged trial and has been described as being in the best interests of the plaintiffs.

Bank of America is the latest financial institution to settle litigation tied to Epstein. Earlier, JPMorgan Chase agreed to pay $75 million, while Deutsche Bank reached a similar $75 million settlement in 2023.

Most of Bank of America’s relationship with Epstein reportedly began after JPMorgan severed ties with him. By that time, many of his victims were young women, including aspiring models from Russia and Ukraine.

According to the lawsuit, in 2013 the bank opened an account for a 22-year-old woman at the direction of Epstein’s associates despite concerns about her lack of income, limited English, and unclear financial background — factors cited as potential red flags.

Epstein, a billionaire financier with high-profile connections, was arrested in 2019 on charges of sex trafficking minors. He had previously been convicted in 2008 for soliciting sex from underage girls.

He died by suicide in August 2019 while in custody at a detention facility in New York. His case continues to draw scrutiny, with ongoing debates over the extent of his network and the release of related records.