Bank of America has agreed to pay $72.5 million to resolve a civil lawsuit filed by women who alleged the bank played a role in enabling sexual abuse committed by Jeffrey Epstein, according to court documents released Friday.
Earlier this month, attorneys representing both the bank and the plaintiffs informed Manhattan-based U.S. District Judge Jed Rakoff that they had reached a “settlement in principle,” though specific terms were not initially made public.
“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,” a spokesperson for Bank of America said in a statement.
In a joint filing, plaintiffs’ lawyers David Boies and Bradley Edwards described the agreement as the most practical outcome for their clients, noting that “given that many Class Members suffered harm many years ago and are in need of financial relief now,” the settlement serves their best interests.
Court filings indicate that the legal team representing the plaintiffs could request up to 30% of the settlement amount—approximately $21.8 million—in legal fees.
The agreement remains subject to approval by Judge Rakoff, who has scheduled a hearing for Thursday to evaluate the proposed deal.
The lawsuit, filed in October by a woman identified as Jane Doe, accused the nation’s second-largest bank of overlooking suspicious financial activity tied to Epstein.
The complaint alleged that the bank had access to extensive information about Epstein’s criminal conduct but failed to act, prioritizing profit over the safety of victims.
Bank of America has countered that the claims were based on routine financial services provided to individuals who were not publicly connected to Epstein at the time, calling allegations of deeper involvement “threadbare and meritless.”
In January, Judge Rakoff ruled that the case could proceed, finding that the plaintiff had sufficiently argued that the bank may have knowingly benefited from Epstein’s trafficking activities and interfered with enforcement of the federal Trafficking Victims Protection Act. Among the transactions highlighted were payments made to Epstein by Leon Black, the billionaire co-founder of Apollo Global Management.
Black resigned as Apollo’s chief executive in 2021 after an independent review revealed he had paid Epstein $158 million for tax and estate planning services. He has denied any wrongdoing and stated he was unaware of Epstein’s criminal behavior.
Attorneys for the plaintiffs have pursued similar cases against other financial institutions allegedly linked to Epstein. In 2023, they secured settlements totaling $290 million with JPMorgan Chase and $75 million with Deutsche Bank on behalf of accusers.
The same legal team is also challenging Judge Rakoff’s January dismissal of a comparable lawsuit against Bank of New York Mellon.
Jeffrey Epstein died in August 2019 while being held in a Manhattan jail awaiting trial on sex trafficking charges. His death was ruled a suicide by New York City’s medical examiner.
