5 days ago
Judge Approves Bank of America’s $72.5 Million Epstein Victims Settlement
A judge approved a payment agreement between Bank of America and about 90 women who said Jeffrey Epstein and others abused or trafficked them.
The bank will pay $72.5 million to settle their lawsuit.
The women said the bank helped Epstein’s trafficking operation and hid important information.
Bank of America said it did not help commit sex-trafficking crimes.
The bank did not admit wrongdoing in the settlement.
The judge said the agreement was fair and reasonable.
Some of the settlement money will pay the women’s lawyers.
Other banks, including JPMorgan Chase and Deutsche Bank, have also settled claims related to Epstein.
A federal judge approved Bank of America’s $72.5 million settlement with about 90 Jeffrey Epstein victims.
The women alleged the bank helped facilitate and conceal Epstein’s sex trafficking activities.
Bank of America admitted no wrongdoing and denied facilitating sex-trafficking crimes.
Judge Jed Rakoff approved a 30% legal-fee request for attorneys representing the women.
The agreement follows settlements by JPMorgan Chase and Deutsche Bank totaling $365 million.
- Who
- Bank of America, about 90 Epstein victims, and their attorneys; the settlement was approved by U.S. District Judge Jed Rakoff.
- What
- A $72.5 million settlement resolving claims that Bank of America aided Epstein’s sex trafficking.
- Where
- The U.S. District Court for the Southern District of New York in Manhattan.
- When
- The agreement was approved at a Thursday hearing; Bank of America disclosed it in March.
- Why
- The settlement resolves allegations that the bank helped facilitate and conceal Epstein’s trafficking activities; Bank of America denied facilitating the crimes.
Victims’ allegations
Bank of America’s position
Role in Epstein’s trafficking
Victims’ allegations
The women alleged that Bank of America actively helped facilitate Epstein’s sex trafficking and was used by his associates, co-conspirators, and victims.
Bank of America’s position
Bank of America said it stood by statements that it did not facilitate sex-trafficking crimes.
Resolution of the lawsuit
Victims’ allegations
The settlement provides compensation and closure for the plaintiffs, according to the reported agreement and the bank’s statement.
Bank of America’s position
The bank agreed to settle without admitting wrongdoing and said the resolution allows it to put the matter behind it.
Key facts
- Settlement amount
- $72.5 million
- Affected plaintiffs
- About 90 women
- Judge
- U.S. District Judge Jed Rakoff
- Bank’s position
- Bank of America admitted no wrongdoing and said it did not facilitate sex-trafficking crimes.
- Legal fees
- The judge approved a 30% fee request for the plaintiffs’ attorneys.
- Other settlements
- JPMorgan Chase agreed to pay $290 million in 2023, while Deutsche Bank agreed to pay $75 million.
Quotes
Jed Rakoff
US District Judge who approved the settlement
“fair, reasonable and adequate”
deccanchronicle.com
Bank of America
Bank that agreed to the settlement and issued a statement about its position
“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.”
deccanchronicle.com
Sources
Related news
Hugh Hefner alerted FBI about Epstein abuse, lawsuit says
US Judge Rejects Ghislaine Maxwell's Bid to Overturn Sex-Trafficking Conviction
HBO Max Acquires Documentary Examining Epstein’s Network and Downfall
Prosecutors Review Whistleblower Claims JPMorgan Mismanaged Fraud Cases
Bank of America Vice President Killed in Times Square Stabbing
Times Square Stabbing Leaves One Dead; Suspect Had Ominous Posts
Social Media Posts Preceded Fatal Times Square Stabbing Rampage
Times Square Stabbing Kills Bank Executive as Police Shoot Suspect
Beyond Nvidia, power and cooling firms benefit from data-centre boom
