Bank of America agreed to pay $72.5 million to settle accusations that it facilitated Jeffrey Epstein’s sex trafficking operation, marking the third major financial institution to face accountability for the disgraced financier’s crimes.

Settlement Details and Bank Response

The settlement, filed in Manhattan federal court on March 27, resolves a class action lawsuit brought by women who accused the nation’s second-largest bank of ignoring suspicious transactions linked to Epstein’s criminal enterprise. Bank of America maintains it did nothing wrong while acknowledging the settlement allows both parties to move forward. The bank’s spokesperson emphasized they stand by previous statements denying any role in facilitating sex trafficking crimes.

Attorneys David Boies and Bradley Edwards, representing the victims, told U.S. District Judge Jed Rakoff the agreement represents the best outcome for clients who suffered harm years ago and need financial relief now. The lawyers may seek up to 30 percent of the settlement, approximately $21.8 million, for legal fees. Judge Rakoff scheduled a court hearing for April 2 to consider final approval of the deal.

Case Background and Legal Findings

The lawsuit, filed in October by a woman identified as Jane Doe, accused Bank of America of prioritizing profits over victim protection by processing suspicious transactions despite extensive information about Epstein’s crimes. The complaint specifically highlighted payments to Epstein from Apollo Global Management co-founder Leon Black, who paid the financier $158 million for tax and estate planning services. Black, who stepped down as Apollo’s chief executive in 2021, has denied wrongdoing and claims he was unaware of Epstein’s criminal conduct.

Judge Rakoff ruled in January that Bank of America must face claims it knowingly benefited from Epstein’s sex trafficking and obstructed enforcement of federal trafficking laws. The bank argued it merely provided routine services to individuals with no known Epstein connections at the time, calling deeper involvement allegations threadbare and meritless.

Pattern of Financial Institution Accountability

This settlement continues a trend of major banks paying for alleged connections to Epstein’s operations. The same legal team previously secured a $290 million settlement from JPMorgan Chase and $75 million from Deutsche Bank in 2023. The attorneys are appealing Judge Rakoff’s dismissal of a similar lawsuit against Bank of New York Mellon. Epstein died in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges, with his death ruled a suicide by New York City’s medical examiner.