Bank of America has agreed to pay $72.5 million (€62.8 million) to resolve a class-action lawsuit that accused the bank of enabling Jeffrey Epstein’s sex trafficking operations, according to court filings on Friday.
The suit, filed by an unnamed woman on behalf of herself and other alleged victims, alleged the bank ignored “red flags” and suspicious transactions tied to Epstein to keep providing him financial services, putting profits ahead of victim protection. Bank of America denied the claims, saying the “Bank of America did not facilitate sex trafficking crimes,” but said the settlement would provide closure for plaintiffs, a spokesperson said.
The proposed deal, which must be approved by a US district judge, would avoid a lengthy trial; a hearing is scheduled before the court.
Friday’s settlement follows similar agreements by other lenders. In 2023, JPMorgan and Deutsche Bank each agreed to pay $75 million to settle comparable lawsuits alleging they failed to detect or act on warning signs in accounts linked to Epstein.
Who was Jeffrey Epstein?
Epstein was a New York financier accused of operating a yearslong sex-abuse ring involving underage girls. He was convicted in 2008 of soliciting sex from minors and died by suicide in a New York jail in 2019 while awaiting trial on additional sex-trafficking charges.
The 2025 release of a large archive of evidence connected to Epstein triggered global fallout, leading to high-profile legal consequences, including arrests in the UK and disclosures of Epstein’s ties to prominent figures in the US and elsewhere.
Edited by: Wesley Dockery