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A federal judge has ruled that a proposed class action lawsuit accusing Bank of America of enabling Jeffrey Epstein’s sex trafficking operations can move forward, marking a significant development in ongoing litigation tied to the late financier. U.S. District Judge Jed Rakoff determined that allegations claiming the bank recklessly ignored warning signs about Epstein’s illegal activities were strong enough to proceed in court.
In a detailed opinion explaining his earlier January 29 decision, Judge Rakoff said the plaintiff, identified as Jane Doe, plausibly alleged that Bank of America knowingly benefited from Epstein’s sex trafficking and obstructed enforcement of the federal Trafficking Victims Protection Act. While the judge dismissed four other claims against Bank of America and threw out all claims in a similar lawsuit against Bank of New York Mellon, he did not rule on the ultimate merits of the remaining accusations.
According to court documents, the plaintiff claims Bank of America provided specialized, non-routine banking services to Epstein. These services allegedly included granting “premier” status and facilitating large financial transfers, despite what the judge described as “every reason to know” Epstein was involved in suspicious transactions and sex crimes. The court also cited allegations that the bank turned a blind eye to widespread media coverage of Epstein’s misconduct and failed to question significant money transfers flowing through accounts linked to a financially dependent young woman.
The lawsuit further alleges that a former banker, previously associated with JPMorgan Chase and Deutsche Bank, had direct knowledge of Epstein’s sex trafficking activities, potentially exposing Bank of America to civil liability. A trial is scheduled for May 11.
Epstein died in a Manhattan jail in 2019 while awaiting trial on federal sex trafficking charges. Previous settlements related to Epstein claims included $290 million from JPMorgan Chase and $75 million from Deutsche Bank, though neither bank admitted wrongdoing.
