Bank of America has reached a settlement in a civil lawsuit initiated by women who alleged that the bank played a role in facilitating sexual abuse by Jeffrey Epstein, as indicated in court records on Monday.
During a phone conversation on March 12, attorneys for both the bank and the women informed U.S. District Judge Jed Rakoff of Manhattan that they had come to a “settlement in principle,” according to court filings. The specific terms of the settlement haven’t been disclosed yet.
This settlement awaits approval from Rakoff. Legal teams from both parties are set to file relevant documents concerning the settlement by March 27, and a court hearing has been scheduled for April 2 to review the agreement.
“Today’s resolution of the lawsuit against Bank of America is another step toward the justice they deserve,” stated Sigrid McCauley, the attorney representing the women.
A representative from Bank of America declined to provide comments.
A class action lawsuit filed in October by a woman known as Jane Doe accuses the second-largest bank in the U.S. of overlooking questionable financial activities linked to Epstein, despite being aware of a “vast amount” of information regarding his crimes, suggesting the bank prioritized profits over victim protection.
Bank of America countered that Doe’s allegations stemmed from offering routine services to individuals whose connections to Epstein were unknown at the time, deeming any claim of deeper involvement as “ridiculous and nonsensical.”
In January, Rakoff ruled that Bank of America must address Doe’s accusations that it knowingly benefited from Epstein’s sex trafficking activities and hindered the enforcement of federal human trafficking victim protection laws. Reported transactions included payments made to Epstein by Leon Black, billionaire co-founder of Apollo Global Management.
Black stepped down from his role as CEO of Apollo in 2021 after an external investigation revealed he had paid Epstein $158 million for tax and estate planning services.
He has denied any wrongdoing, claiming he was unaware of Epstein’s criminal actions.
Black was expected to be questioned under oath by the lawyers representing Doe and Bank of America on March 26.
However, due to the recent settlement, this deposition is likely to be canceled. If Rakoff approves the settlement, a trial set for May 11 will also not occur.
Doe’s legal team has taken action against others involved in Epstein’s trafficking network, and in 2023, they secured settlements from JPMorgan Chase & Co. and $75 million from Deutsche Bank on behalf of Epstein’s accusers.
Epstein passed away in a Manhattan jail in August 2019 while awaiting trial on sex trafficking charges, with his death concluded as a suicide by the New York City medical examiner.
