As the controversy regarding who should be implicated in the Jeffrey Epstein scandal continues to rage worldwide, Bank of America has become the third major bank to settle with victims over allegations of facilitating his crimes. On April 2, Bank of America agreed to pay $72.5 million to survivors of Epstein’s sex-trafficking operation. The lawsuit was filed in October in federal court in New York on behalf of alleged victims who said they were sexually abused and trafficked between 2008 and 2019.
According to the lawsuit, Bank of America knowingly participated in and assisted Epstein’s operation. However, as part of the settlement, the bank made no admission of liability or wrongdoing, according to court documents. A spokesperson for Bank of America told CBS News that, although the company continues to deny involvement, the settlement helps bring closure for the plaintiffs and allows the matter to move forward.
In a court filing, attorneys for the plaintiffs, David Boies and Bradley Edwards, said the settlement was the best option for their clients. They explained that many class members suffered harm years ago and deserve financial relief now, according to The Daily Record. Court records also show that the plaintiff’s lawyers may seek up to 30% of the settlement for legal fees.
The lawsuit alleged that the class members, all victims of Epstein’s trafficking operation, were harmed by the bank’s conduct. It was brought on behalf of a woman identified in court documents only as Jane Doe, along with “all others similarly situated.” The complaint said she was living in Russia when she met Epstein in 2011 and was later coerced into what was described as a cult-like environment.
According to the lawsuit, Epstein paid her through a Bank of America account and controlled her financially, emotionally, and psychologically. This lasted from 2011 through 2019. She alleged that he repeatedly abused her during that time.
The lawsuit further claimed that Epstein paid her rent and provided her with income through a sham job linked to a Bank of America account. It also said he used her immigration status as leverage against her until she was finally able to escape after his death in 2019. Epstein died in a Manhattan jail after being arrested on child sex-trafficking charges. Although he appeared to have committed suicide by hanging, some believe that he was murdered.
The lawsuit also drew attention to Leon Black, billionaire financier and co-founder of Apollo Global Management. Although Black was not named as a defendant, attorney Sigrid McCawly described him as a critical witness in the case. The lawsuit alleged that the bank ignored $170 million in payments Black made to Epstein through a Bank of America account. Those payments were reportedly for “tax and estate planning advice,” according to PBS News.
In a statement, McCawley praised the courage of Epstein’s victims. She said their road to justice has been long and difficult, but the Bank of America settlement represents another important step toward the justice they deserve.
