Bank Of America Paying Over $70 Million To Epstein Victims
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Bank of America reached a $72.5 million settlement with victims of Jeffrey Epstein.
The deal still needs to be approved by a judge.
Bank of America made no admission of liability or wrongdoing in the settlement.
Bank of America has reached a $72.5 million settlement in a lawsuit that alleges the financial giant helped facilitate the sex trafficking operation of convicted sex offender Jeffrey Epstein, according to court documents filed Friday.
The lawsuit was filed last October in New York federal court on behalf of alleged victims of Epstein.
It claims that “Bank of America knowingly and intentionally participated in, assisted, supported, and facilitated Jeffrey Epstein’s sex trafficking venture by providing Jeffrey Epstein and his associates with banking and investment services while Bank of America ignored red flags and failed, or was otherwise negligent, in its compliance and regulatory responsibilities.”
Bank of America made “no admission of liability” or “wrongdoing” as part of the settlement, the court documents read. The deal must still be approved by a judge.
JP Morgan Chase and Deutsche Bank also agreed to settlements.
JPMorgan Chase paid $290 million.
Deutsche Bank paid $75 million.
The Bank of America settlement follows earlier blockbuster agreements.
JPMorgan Chase agreed to pay $290 million to Epstein victims after providing banking services to him for roughly 15 years, a period that overlapped with what prosecutors say was widespread abuse of teenage girls and young women.
Deutsche Bank, which handled Epstein’s accounts for about five years after JPMorgan cut ties, agreed to a $75 million settlement over similar claims.
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