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 claims she was abused by Epstein on at least 100 occasions between 2011 and 2019, and held two accounts at Bank of America under his direction.
The lawsuit alleged that the bank had a plethora of information regarding Epstein's sex trafficking operation but chose profit over protecting the victims.
In court documents, Bank of America stated 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 disclosed until filings were made in a New York federal court, where the agreement now awaits a judge's approval.
Sigrid McCawley, a lawyer for the victims, remarked that the resolution represents one more step on the road to much deserved justice.
This marks the third settlement by a major bank in connection with Epstein, following JP Morgan Chase and Deutsche Bank, who agreed to payouts of $290 million (£218 million) and $75 million, respectively.
The lawsuit, brought on behalf of a Jane Doe, highlighted concerning banking behaviors in her Bank of America accounts, which Epstein's team managed. She stated she was controlled and sexually abused by Epstein until his death in jail in August 2019.
Epstein's passing was ruled a suicide, with Jane Doe calling it her ultimate escape.
The lawsuit also references over $150 million transferred to Epstein by billionaire Leon Black for purported tax and estate planning advice, through Black's Bank of America account. Black has denied any wrongdoing and was questioned in connection with the case last week.
Previously, Bank of America sought to dismiss the lawsuit, arguing it merely provided standard services to clients with no known connections to Epstein, describing the complaint as threadbare and meritless.
Bank of America explained, 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.
