Bank of America will be dishing out $72.5 million to settle a federal lawsuit that accused the bank of ignoring Jeffrey Epstein’s alleged sex-trafficking operation, joining two other big banks that have also settled with multimillion dollar payments.
The lawsuit, based in Manhattan, accused Bank of America of providing accounts and processing transactions for Epstein and his associates despite “obvious red flags,” the New York Post reported Friday.
The Bank of America settlement, which still has to be approved by U.S. District Judge Jed Rakoff, joins settlements already paid by JPMorgan Chase for $290 million and Deutsche Bank for $75 million.
The plaintiffs in the federal lawsuit, filed under a pseudonym “Jane Doe,” claim that Bank of America failed to report suspicious activity that could have enabled law enforcement to crack down on the disgraced pedophile years earlier.
The lawsuit was brought by women who have accused the bank of facilitating their sexual abuse.
Bank of America insists the settlement does not constitute an admission of wrongdoing, the Post reported, describing the payout as “a step to give the victims closure and move past the legal battle.”
The settlement is a “dramatic move that critics say is more about avoiding courtroom drama than admitting guilt,” according to the tabloid.
Sigrid McCawley, a lawyer for the women, praised the settlement in a statement earlier this month when it was announced the bank had reached an agreement with the plaintiffs but had not yet disclosed a dollar amount.
“Today’s resolution of the case against Bank of America is one more step on the road to much deserved justice,” she said.
Epstein was found dead in August of 2019 in a Manhattan jail cell where he was awaiting trial on sex trafficking charges. New York City’s medical examiner ruled his death was a suicide.
Contributor Lowell Cauffiel is the author of the New York Times true crime best seller House of Secrets and nine other crime novels and nonfiction titles. See lowellcauffiel.com for more.
