Bank of America ordered to pay $72.5 million to Jeffrey Epstein sex trafficking victims
A federal judge has given final approval to a $72.5 million class-action settlement between Bank of America and approximately 90 women who were sexually abused or trafficked by Jeffrey Epstein and his associates.
U.S. District Judge Jed Rakoff approved the agreement Thursday, August 27, in Manhattan federal court, calling the settlement “fair, reasonable and adequate” and acknowledging that no amount of money could fully compensate survivors for the abuse they endured.
The lawsuit accused Bank of America of ignoring numerous warning signs surrounding Epstein’s banking activity and failing to properly report suspicious transactions. Plaintiffs alleged that the bank’s financial services provided what attorneys described as a “veneer of institutional legitimacy” that helped Epstein and his associates operate their trafficking network.
The settlement covers claims involving alleged abuse and trafficking occurring from June 2008 through Epstein’s arrest in July 2019. The case placed particular emphasis on accounts connected to Epstein’s alleged co-conspirators, including Ghislaine Maxwell.
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Bank Denies Wrongdoing
Under the settlement, Bank of America will establish a $72.5 million compensation fund for eligible class members. Attorneys representing the women are expected to begin the process of distributing payments following the court’s final approval.
Bank of America denied wrongdoing and did not admit liability as part of the agreement.
The settlement follows two earlier major agreements involving banks accused of facilitating or overlooking Epstein-related financial activity. JPMorgan Chase agreed to a $290 million settlement in 2023, while Deutsche Bank reached a $75 million settlement with Epstein victims.
Judge Rakoff, who also presided over those cases, said the latest settlement represents a measure of justice for survivors, even though financial compensation cannot undo the harm they suffered.
Attorneys for the plaintiffs will receive 30% of the $72.5 million settlement, subject to the court’s approval.
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And No, Trump Isn’t Part of This Lawsuit
For those wondering whether Trump is connected to this particular case: he is not a defendant or party to the Bank of America class-action settlement described here.
The lawsuit is a civil case concerning alleged banking and financial compliance failures involving Epstein and his associates. The settlement does not establish criminal wrongdoing by Bank of America or involve Trump.
Epstein died in a New York federal jail in August 2019 while awaiting trial on federal sex-trafficking charges. Ghislaine Maxwell was subsequently prosecuted, convicted in 2021 and sentenced to 20 years in federal prison for her role in recruiting and grooming underage girls for Epstein.
The $72.5 million agreement now provides another round of financial compensation to survivors in a long-running effort to hold institutions accused of enabling Epstein’s activities accountable.
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(Sources: ABC News, Reuters, The Boston Herald, Courthouse News Service)
Posted by Richard Webster, Ace News Today
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