Bank of America has agreed to pay $72.5 million to settle a civil lawsuit brought by women who accused the financial institution of facilitating Jeffrey Epstein's sex trafficking operations through its banking services.
The settlement, which requires approval from Manhattan-based US District Judge Jed Rakoff, resolves a class-action lawsuit filed in October by a woman using the pseudonym Jane Doe on behalf of herself and other alleged victims.
The lawsuit accused America's second-largest bank of ignoring suspicious financial transactions related to Epstein despite having substantial information about his criminal activities. Plaintiffs alleged the bank prioritized profits over victim protection by continuing to provide banking and investment services to the disgraced financier.
While we stand by our prior statements made in the filings in this case, including that Bank of America did not facilitate sex trafficking crimes, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs
Bank of America spokesperson — ABC News Australia
The bank has consistently denied wrongdoing, maintaining that it provided only routine services to individuals who had no known links to Epstein at the time. Bank of America characterized the allegations as lacking substance and merit.
NDTV presents the settlement straightforwardly, focusing on the financial amount and core allegations. The outlet emphasizes that executives allegedly ignored red flags about Epstein's operations.