Bank of America has agreed to pay $72.5 million to settle a civil lawsuit brought by women who accused the bank of facilitating abuse linked to Jeffrey Epstein, according to court filings.
Lawyers for both sides had earlier told a Manhattan court they reached a “settlement in principle”, with details now disclosed ahead of judicial review.
In a statement, the bank maintained its position while confirming the agreement.
“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,” a spokesperson said.
Attorneys for the plaintiffs, David Boies and Bradley Edwards, said the settlement was in their clients’ best interests.
They stated it represented the best option “given that many Class Members suffered harm many years ago and are in need of financial relief now.”
Court records show the legal team may seek up to 30% of the settlement, approximately $21.8 million, in fees.
The agreement still requires approval from Jed Rakoff, who has scheduled a hearing to consider the deal.
The lawsuit, filed in October by a plaintiff identified as Jane Doe, accused the bank of ignoring suspicious financial activity linked to Epstein despite extensive warning signs.
Bank of America has denied the allegations, arguing it merely provided routine banking services and that claims of deeper involvement were unfounded.
Earlier this year, the court ruled the bank must face claims it knowingly benefited from Epstein’s activities and obstructed enforcement of federal trafficking laws.
The case is part of a broader legal effort targeting institutions linked to Epstein, following previous settlements involving other major banks.
Epstein died in a Manhattan jail in 2019 while awaiting trial.
Faridah Abdulkadiri
