Judge Approves BofA’s $72.5 Million Deal With Epstein Victims
Bank of America disclosed the proposed deal in March, resolving a lawsuit filed the previous October
Bloomberg:A federal judge in New York approved Bank of America Corp’s $72.5 million settlement with Jeffrey Epstein victims who claimed the bank aided in the late financier’s sex-trafficking.
At a hearing Thursday, US District Judge Jed Rakoff called the agreement “fair, reasonable and adequate,” clearing the way for lawyers to begin distributing money to about 90 women who were sexually abused or trafficked by Epstein and the people around him.
Bank of America disclosed the proposed deal in March, resolving a lawsuit filed the previous October. The women accused the bank of actively concealing “details and evidence concerning its assisting and facilitating Epstein’s sex trafficking.” Bank of America admitted no wrongdoing as part of the settlement.
“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,” the bank said in a statement Thursday.
It was the third major bank to settle with Epstein victims. In 2023, JPMorgan Chase & Co. and Deutsche Bank AG agreed to pay $290 million and $75 million, respectively. While the cases against those banks focused on their client relationship with Epstein, the one against Bank of America mainly alleged that it was used by “his co-conspirators, associates and victims,” including Ghislaine Maxwell, who is currently serving a 20-year sentence for sex-trafficking.
In addition to approving the settlement, Rakoff also signed off on a 30% fee request for the lawyers representing the women, led by David Boies and Bradley Edwards.
The case is Doe v. Bank of America, 25-cv-08520, US District Court, Southern District of New York (Manhattan).
