Bank of America has reached an agreement to resolve a civil lawsuit filed by women who claimed the financial giant enabled Jeffrey Epstein’s sexual abuse operations, according to court documents made public Monday.
During a March 12 phone conference with Manhattan federal Judge Jed Rakoff, attorneys representing both the bank and the accusers announced they had achieved a “settlement in principle,” court filings reveal.
Judge Rakoff must give his approval before the agreement becomes final. He has set an April 2 court session to review and potentially approve the settlement terms.
Details about the financial terms remain undisclosed. Bank of America representatives refused to provide comment, while attorneys for the women have not responded to media inquiries.
The class-action complaint was initiated in October by a woman identified as Jane Doe, who alleged that America’s second-largest bank turned a blind eye to questionable financial activity connected to Epstein despite having extensive knowledge of his criminal behavior because profits took priority over victim protection.
Bank of America previously defended itself by stating that Doe simply claimed the institution provided standard banking services to individuals who had no apparent connections to Epstein at that time, calling any suggestions of deeper involvement “threadbare and meritless.”
In January, Judge Rakoff determined that Bank of America would have to defend against Doe’s allegations that it deliberately profited from Epstein’s human trafficking activities and interfered with federal anti-trafficking law enforcement. The suspicious transactions identified by Doe included money transfers to Epstein from Leon Black, the billionaire who co-founded Apollo Global Management.
Black resigned from his position as Apollo’s chief executive in 2021 following an independent legal review that revealed he had paid Epstein $158 million for tax and estate planning services.
Black has maintained his innocence and stated he had no knowledge of Epstein’s illegal activities.
Black was supposed to give sworn testimony on March 26 for questioning by both Doe’s legal team and Bank of America’s attorneys.
This deposition will likely be canceled due to the settlement agreement. A trial that was set for May 11 will also be scrapped if Judge Rakoff gives his approval.
Doe’s legal representatives have pursued other individuals and entities they claim helped facilitate Epstein’s trafficking network, securing $290 million from JPMorgan Chase and $75 million from Deutsche Bank in 2023 settlements on behalf of his victims.
Epstein was found dead in his Manhattan jail cell in August 2019 while facing sex trafficking charges. New York City’s medical examiner determined his death was suicide.
