Judge approves $72.5 million Bank of America settlement in Epstein case

The settlement concludes a contentious legal battle involving claims that the bank ignored suspicious financial activity to retain Epstein as a client. During Thursday’s hearing, Rakoff characterized the payout as a path toward partial justice for those harmed. He specifically rejected arguments from three accusers who contended the deal was overbroad, as it required them to relinquish related claims against the bank and other parties without additional compensation.

The class-action lead plaintiff, identified as Jane Doe, alleged that Epstein wired funds through her Bank of America accounts while repeatedly sexually abusing her between 2011 and 2019. This litigation follows a broader trend of lawsuits targeting major financial institutions for their ties to Epstein, who died by suicide in a Manhattan jail cell in 2019. While Bank of America denies facilitating sex trafficking, this agreement mirrors recent industry payouts, including a $290 million settlement by JPMorgan Chase and $75 million by Deutsche Bank in 2023.