Bank of America has reached a $72.5 million (£54.6 million) settlement in a lawsuit brought on behalf of victims of Jeffrey Epstein, who had accused the bank of facilitating his sex trafficking operation.
The proposed class-action lawsuit was filed in October by a Florida woman who says she was abused by Epstein 'on at least 100 occasions' between 2011 and 2019 and held two accounts at Bank of America at the direction of his business team.
It alleged that the bank had 'a plethora of information regarding Epstein's sex trafficking operation but chose profit over protecting the victims'.
In the court documents, Bank of America states that the settlement is 'no admission of liability' or 'wrongdoing' on its part.
The settlement was reached earlier this month, but details had not been revealed until documents were filed on Friday in a New York federal court, where they now await a judge's approval.
Sigrid McCawley, a lawyer for the victims, mentioned in a statement that the resolution was 'one more step on the road to much deserved justice'.
This settlement marks the third such resolution by a major bank, following JP Morgan Chase and Deutsche Bank, which agreed to payouts of $290 million (£218 million) and $75 million respectively.
The lawsuit, brought on behalf of a 'Jane Doe', cites a record of 'incredibly alarming and erratic banking behavior' in her own Bank of America accounts that were exploited by Epstein's team. She claims to have met Epstein in Russia in 2011 and suffered abuse until his death in jail in August 2019, which she described as her 'ultimate escape'.
The lawsuit also highlights more than $150 million paid to Epstein by billionaire Leon Black, co-founder of Apollo Global, purportedly for 'tax and estate planning advice', using Black's Bank of America account.
Black, who stepped down from Apollo amid scrutiny over his association with Epstein, has denied any wrongdoing and was questioned as part of the case last week.
Despite previously urging the court to dismiss the lawsuit, claiming the services provided to Epstein had no known links to his crimes, Bank of America stated that the settlement allows for closure for all parties involved. 'While we stand by our prior statements, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs,' Bank of America informed the BBC.
The proposed class-action lawsuit was filed in October by a Florida woman who says she was abused by Epstein 'on at least 100 occasions' between 2011 and 2019 and held two accounts at Bank of America at the direction of his business team.
It alleged that the bank had 'a plethora of information regarding Epstein's sex trafficking operation but chose profit over protecting the victims'.
In the court documents, Bank of America states that the settlement is 'no admission of liability' or 'wrongdoing' on its part.
The settlement was reached earlier this month, but details had not been revealed until documents were filed on Friday in a New York federal court, where they now await a judge's approval.
Sigrid McCawley, a lawyer for the victims, mentioned in a statement that the resolution was 'one more step on the road to much deserved justice'.
This settlement marks the third such resolution by a major bank, following JP Morgan Chase and Deutsche Bank, which agreed to payouts of $290 million (£218 million) and $75 million respectively.
The lawsuit, brought on behalf of a 'Jane Doe', cites a record of 'incredibly alarming and erratic banking behavior' in her own Bank of America accounts that were exploited by Epstein's team. She claims to have met Epstein in Russia in 2011 and suffered abuse until his death in jail in August 2019, which she described as her 'ultimate escape'.
The lawsuit also highlights more than $150 million paid to Epstein by billionaire Leon Black, co-founder of Apollo Global, purportedly for 'tax and estate planning advice', using Black's Bank of America account.
Black, who stepped down from Apollo amid scrutiny over his association with Epstein, has denied any wrongdoing and was questioned as part of the case last week.
Despite previously urging the court to dismiss the lawsuit, claiming the services provided to Epstein had no known links to his crimes, Bank of America stated that the settlement allows for closure for all parties involved. 'While we stand by our prior statements, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs,' Bank of America informed the BBC.
