Bank of America has agreed to a $72.5 million settlement in a class-action lawsuit alleging the bank facilitated a sex trafficking operation run by Jeffrey Epstein, according to court documents released Friday.
The bank emphasized that it continues to deny any support of Epstein’s criminal activities but stated that the settlement “allows us to put this matter behind us and provides further closure for the plaintiffs.”
The lawsuit, filed by an anonymous woman on behalf of herself and other alleged victims, claimed that Bank of America executives “ignored red flags” about Epstein’s sex trafficking network while providing him with banking and investment services.
If approved by the court, the settlement would prevent a prolonged trial and was described as being in the “best interests” of the plaintiffs. Bank of America joins other financial institutions that have reached similar agreements with Epstein’s alleged victims, including JP Morgan and Deutsche Bank, both paying roughly $75 million in 2023.
Epstein, a billionaire hedge fund manager with connections to prominent figures and celebrities, was arrested in July 2019 on charges of sex trafficking minors. He had previously been convicted in 2008 for soliciting sex from girls as young as 14. Epstein died by suicide at Manhattan’s Metropolitan Correctional Center in August 2019.
The case continues to generate political and public scrutiny, particularly regarding the release of investigative records and the extent of Epstein’s network. In recent months, the US Justice Department has released millions of documents related to prosecutors’ investigations, implicating several high-profile executives and politicians.
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