Bank of America Pays $72.5 Million to Settle Epstein Victims Lawsuit
Finn's Take· TL;DR- Bank of America settles Epstein victims lawsuit for $72.5 million without admitting wrongdoing or facilitating trafficking crimes.
- Bank failed to file required suspicious activity reports on $170 million in transfers until after Epstein's 2019 death.
- Settlement follows similar payouts by JPMorgan Chase ($290M) and Deutsche Bank ($75M) to Epstein victims.
Major Financial Institution Settles Sex Trafficking Claims
Bank of America agreed to pay victims of Jeffrey Epstein $72.5 million to settle a New York federal class-action lawsuit claiming the bank facilitated his sex trafficking operation. The settlement, in which BoA did not admit wrongdoing, is the fourth settlement by a major bank of legal claims by Epstein victims or a government entity alleging they effectively abetted his trafficking while he was a customer.
The lawsuit, brought on behalf of a woman identified in court papers only as Jane Doe and "all others similarly situated," said the woman was living in Russia when she met Epstein in 2011 and was "coerced into a cult-like life." It said she was paid by Epstein through a Bank of America account as she was controlled "financially, emotionally, and psychologically" by Epstein from 2011 through 2019 as he sexually abused her on at least 100 occasions, including raping her and forcing her to engage sexually with other women for his sexual gratification.
The settlement would pay "all women who were sexually abused or trafficked by Jeffrey Epstein, or by any person who is connected to or otherwise associated with Jeffrey Epstein or any Jeffrey Epstein sex-trafficking venture, between June 30, 2008 and July 6, 2019, inclusive," according to the filing. Lawyers in the case are "aware that there are at least 60 women who were victimized by Epstein between" those dates, the filing said.
Allegations of Ignoring Financial Red Flags
The lawsuit accused the bank of ignoring $170 million Black paid from a Bank of America account to Epstein purportedly for "tax and estate planning advice." The lawsuit said that Black transferred $170 million to Epstein from a Bank of America account, purportedly for "tax and estate planning advice," and alleged those transfers were the primary means by which Epstein's sex-trafficking venture was funded, with no apparent business or lawful purpose.
The lawsuit alleged that Bank of America failed to file suspicious activity reports, known as SARs, until after Epstein's death in 2019. Banks are required by law to report suspicious activity in customer accounts to federal authorities in order to flag potential criminal activity, such as money laundering or fraud.
The lawsuit alleges BofA provided banking services to Epstein and his sex-trafficking operation, along with accounts used by associates including Ghislaine Maxwell. The lawsuit, filed last year, alleges that the nation's second-largest bank provided banking services to Epstein and his sex-trafficking operation, along with accounts used by victims and associates — among them Ghislaine Maxwell and Leon Black, the former CEO of Apollo Global Management.
Pattern of Bank Settlements
This settlement continues a pattern of major financial institutions paying substantial sums to Epstein victims. JPMorgan Chase in June 2023 agreed to pay victims of Epstein $290 million to settle a similar lawsuit. The settlement came a month after Deutsche Bank agreed to pay victims $75 million. JPMorgan in August 2023 separately agreed to pay the government of the U.S. Virgin Islands $75 million, alleging the bank facilitated and benefited from the sex trafficking of young women by Epstein, who owned a private island in the USVI.
The deal does not include an admission of liability by the bank. "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 Bank of America spokesperson told NBC News.
Looking Ahead
The deal requires the approval of US District Judge Jed Rakoff, with a hearing scheduled for April 2, 2026. Attorneys for the plaintiffs are seeking up to 30% of the settlement for legal fees.
The resolution represents another chapter in ongoing efforts to hold financial institutions accountable for their role in facilitating Epstein's criminal enterprise. The same plaintiffs' attorneys — David Boies and Bradley Edwards — secured all four settlements. While banks maintain they provided only routine services, these settlements suggest a pattern of institutional failure to properly monitor accounts connected to one of the most notorious sex trafficking cases in recent history.