Bank of America has agreed to pay $72.5 million to settle a class-action lawsuit brought by women who accused the bank of enabling Jeffrey Epstein’s sex-trafficking operation by ignoring warning signs and continuing to provide banking services tied to his network. The proposed settlement was disclosed in federal court filings in Manhattan and still requires approval from U.S. District Judge Jed Rakoff.
The case was filed on behalf of a woman identified as Jane Doe and other alleged victims who said the bank overlooked suspicious financial activity connected to Epstein and his associates. Plaintiffs argued that the bank financially benefited while failing to act on red flags that, they said, should have triggered stronger scrutiny and reporting.
Bank of America denied that it facilitated sex trafficking, but said the settlement would help resolve the matter and provide closure for the plaintiffs. In statements reported after the filing, the bank stood by its prior court positions while signaling it wanted to move past the case rather than continue toward trial.
The settlement follows an earlier ruling from Judge Rakoff allowing key claims against Bank of America to proceed. He said the plaintiffs had alleged enough facts to pursue claims that the bank knowingly benefited from Epstein’s trafficking venture and obstructed enforcement of the federal Trafficking Victims Protection Act, though he dismissed several other claims. A trial had been scheduled for May 11 before the parties reached their agreement.
The lawsuit drew added attention because it focused not only on Epstein himself, but on the broader financial infrastructure around him. According to reporting on the case, plaintiffs alleged the bank maintained accounts for people in Epstein’s circle and failed to file required suspicious activity reports despite transactions that should have raised concern. One allegation involved a Bank of America account used in connection with $170 million in payments from former Apollo Global Management chief Leon Black to Epstein, though Black denied wrongdoing.
Lawyers for the plaintiffs said the agreement offered a meaningful and timely recovery for victims, many of whom have lived with the effects of the abuse for years and are in need of financial relief now. The settlement class is expected to cover women who suffered abuse or trafficking linked to Epstein during a period running from June 30, 2008, to July 6, 2019.
The Bank of America deal adds to a series of major financial settlements tied to Epstein’s trafficking network. In 2023, JPMorgan Chase agreed to pay $290 million to settle claims brought by Epstein accusers, while Deutsche Bank agreed to pay $75 million in a separate case. Those earlier settlements helped establish a broader legal argument that major financial institutions may face liability if they are accused of profiting from or turning a blind eye to trafficking-related activity.
Epstein, the disgraced financier whose connections to powerful figures drew worldwide scrutiny, died in a Manhattan jail cell in 2019 while awaiting trial on federal sex-trafficking charges. His death did not end the legal fallout. Instead, attention has increasingly turned to the institutions, associates and enablers that accusers say helped sustain his operation for years. With Bank of America now agreeing to settle, that scrutiny appears far from over.