Bank of America settles Epstein trafficking suit for $72.5M

Bank of America has reached a $72.5 million settlement in a class action lawsuit that accused the bank of playing a role in Jeffrey Epstein’s sex trafficking network. Court documents revealed the agreement on Friday.

In a statement, the bank maintained that it never supported Epstein’s criminal activities, but acknowledged that the settlement helps “bring closure” to the victims and allows the institution to move forward.

The lawsuit was brought by an anonymous woman representing herself and other survivors. It accused senior bank officials of turning a blind eye to obvious warning signs that Epstein was running a sex trafficking operation, all while continuing to offer him banking and investment services.

The proposed settlement, still awaiting court approval, would spare both sides from a drawn-out trial and was considered the best possible outcome for those affected.

Bank of America joins a growing list of financial institutions held accountable for their ties to Epstein. JPMorgan and Deutsche Bank each previously agreed to pay around $75 million to resolve similar claims back in 2023.

Epstein, a wealthy hedge fund manager with deep connections to influential and high-profile figures, was arrested in July 2019 and charged with the sex trafficking of minors. He died in custody shortly after his arrest.

He had already been convicted in 2008 of soliciting sex from girls as young as 14.

Epstein committed suicide while being held at Manhattan’s Metropolitan Correctional Centre in August 2019.

His case has remained politically charged, with continuing disputes over the release of investigative records and the extent of his network.

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