A lawsuit claimed the bank ignored red flags tied to convicted pedophile Jeffrey Epstein’s sex trafficking operations. The bank denied wrongdoing but agreed to settle.
The lawsuit, filed by an unidentified woman on behalf of herself and other alleged victims, accused the bank of ignoring “red flags” and suspicious transactions linked to Epstein in order to continue providing him financial services. The suit accused the bank of valuing profit over protecting victims.
While the bank denied the allegations and said that the “Bank of America did not facilitate sex trafficking crimes,” it added that the resolution the settlement would bring closure for plaintiffs, a spokesperson for the bank said in a statement.
JPMorgan, Deutsche Bank settled earlier
The proposed settlement, which requires court approval, would avert a lengthy trial.
A hearing has been scheduled before a US district judge.
Friday’s settlement follows similar precedents by other lenders, including JPMorgan and Deutsche Bank. In 2023, both of these banks agreed to pay $75 million separately to settle similar lawsuits.
Who was Jeffrey Epstein?
He died by suicide in a New York jail in 2019 while awaiting trial on further sex trafficking charges.
In 2025, the release of a vast archive of evidence collected in connection with the convicted pedophile triggered global fallout, including the arrests in the UK of ex-Prince Andrew Mountbatten‑Windsor and ex‑Ambassador Peter Mandelson.
In the US, the files exposed Epstein’s ties with prominent figures.
Edited by: Wesley Dockery
DW News
