Bank of America's $72.5M Epstein Settlement: What You Need to Know

Bank of America has agreed to pay $72.5 million to settle a civil lawsuit filed by women who accused the financial giant of facilitating their sexual abuse by convicted sex offender Jeffrey Epstein. The settlement was confirmed through court records filed on Friday.

The case, originally filed in October as a proposed class action by a plaintiff identified as Jane Doe, alleged that the second-largest U.S. bank knowingly turned a blind eye to suspicious financial transactions connected to Epstein. According to the lawsuit, the bank prioritized profit over the safety of victims despite having access to substantial information about Epstein's criminal behavior.

Manhattan-based U.S. District Judge Jed Rakoff, who must formally approve the settlement, has scheduled a court hearing for Thursday to review the proposed deal. Earlier this month, both parties had confirmed reaching a "settlement in principle," though financial terms were not disclosed at that time.

Bank of America previously defended its position by asserting it had only provided routine banking services to individuals who had no known ties to Epstein at the time, calling the allegations "threadbare and meritless." However, in January, Judge Rakoff ruled that the bank must face claims that it knowingly benefited from Epstein's sex trafficking operations and obstructed enforcement of the federal Trafficking Victims Protection Act.

Among the flagged transactions were payments made to Epstein by Leon Black, billionaire co-founder of Apollo Global Management, totaling $158 million — reportedly for tax and estate planning services. Black, who resigned as Apollo's CEO in 2021, has denied any knowledge of Epstein's criminal activities.

This settlement follows two other landmark agreements secured by Doe's legal team — $290 million from JPMorgan Chase and $75 million from Deutsche Bank in 2023 — on behalf of Epstein's accusers. Attorneys are also appealing the dismissal of a similar case against Bank of New York Mellon.

Epstein died in a Manhattan jail cell in August 2019 while awaiting trial on federal sex trafficking charges. His death was officially ruled a suicide.