Court Approves Bank of America's $72.5 Million Settlement With Epstein Accusers
A federal judge plans to approve a $72.5 million class-action settlement by Bank of America for women who accused the bank of enabling sexual abuse by Jeffrey Epstein. Judge Jed Rakoff noted the settlement provides important compensation, despite some accusers arguing it was too broad and forced them to drop other claims.
- World News
- 2 min read
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New York: A federal judge said on Thursday he would grant final approval to Bank of America's (BAC.N), opens new tab $72.5 million class-action settlement with women who accused the second-largest U.S. bank of facilitating their sexual abuse by the late financier Jeffrey Epstein.
U.S. District Judge Jed Rakoff stated during a hearing in Manhattan on Thursday that the settlement would offer numerous victims "significant" compensation and "justice, even if it's incomplete." He dismissed a claim by three accusers that the agreement was too extensive because it forced them to relinquish associated claims against the bank and other possible defendants without any compensation.
He also dismissed the accusers' claim that the settlement shouldn't include allegations that were significantly different from those of the main plaintiff, referred to by the pseudonym Jane Doe.
Doe, a resident of Florida, stated that she was in Russia when she encountered Epstein, and that he sexually assaulted her no less than 100 times from 2011 to 2019. She claimed Epstein made multiple payments to advance his sex trafficking, and that his funds were frequently transferred into and out of her Bank of America accounts.
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The legal action is among multiple claims that Epstein's banks overlooked questionable financial activities connected to Epstein due to fear of losing his business.
Numerous transactions took place following Epstein's guilty plea in 2008 to a prostitution charge in Florida, resulting in him becoming a registered sex offender.
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Doe's attorneys secured settlements of $290 million with JPMorgan Chase (JPM.N) and $75 million with Deutsche Bank (DBKGn.DE) in 2023 for Epstein's victims.
In agreeing to settle in March, Bank of America stated that it did not support sex trafficking offenses.
Epstein passed away in a Manhattan prison cell in August 2019 while he was waiting for trial on charges of sex trafficking. The medical examiner of New York City determined the death to be a suicide.