Bank of America to Pay $72.5 Million in Settlement of Epstein Sex-Trafficking Lawsuit

Bank of America to Pay $72.5 Million to Settle Class Action Lawsuit

Bank of America has agreed to pay $72.5 million to settle a class action lawsuit alleging that the bank facilitated a sex trafficking ring orchestrated by Jeffrey Epstein. According to court documents, the bank will pay the settlement if it is approved in court.

The lawsuit, filed by an unidentified woman on behalf of herself and other alleged victims, claimed that Bank of America's executives ignored red flags about Epstein's sex trafficking venture to provide him with banking and investment services. The bank has denied supporting Epstein's crimes, stating that the settlement allows the bank to put the matter behind it and provides further closure for the plaintiffs.

This settlement is the latest agreement by a bank to settle lawsuits from Epstein's alleged victims. JP Morgan agreed to a $75 million settlement in 2023, while Deutsche Bank made a reported $75 million payment the same year.

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Jeffrey Epstein, a billionaire hedge fund manager with a network of powerful and celebrity friends, was charged with sex trafficking of minors after being arrested in July 2019. He had previously been convicted in 2008 of soliciting sex from girls as young as 14. Epstein committed suicide while being held at Manhattan's Metropolitan Correctional Center in August 2019.

The US Justice Department's release of millions of files related to prosecutors' investigations of Epstein has embroiled several high-profile executives and politicians.