Home / Crime and Justice / Bank of America pays $72.5M to Epstein victims
Bank of America pays $72.5M to Epstein victims
28 Aug
Summary
- Bank of America agreed to a $72.5 million settlement.
- Around 60 women trafficked or abused by Epstein are covered.
- The bank allegedly ignored red flags in Epstein's transactions.
A Manhattan federal judge has approved a $72.5 million settlement between Bank of America and victims of Jeffrey Epstein. The agreement represents a step toward accountability for the approximately 60 women who were trafficked or abused by Epstein or his associates between June 2008 and July 2019.
Bank of America, headquartered in Charlotte, N.C., faced a class-action lawsuit accusing it of failing to heed numerous red flags concerning Epstein's transactions. The lawsuit alleged the bank demonstrated "absolute loyalty" to Epstein, particularly in the years following his initial charges related to the abuse of young girls and women.
This settlement follows similar agreements reached by other financial institutions with Epstein victims. JPMorgan Chase previously settled for $290 million, and Deutsche Bank reached a $75 million settlement. Notably, none of the banks involved have admitted any wrongdoing.
