Key Points
- Lawsuit filed by accusers of Jeffrey Epstein
- Bank accused of ignoring suspicious transactions linked to abuse
- Settlement does not constitute admission of wrongdoing
- The case is part of a wider litigation involving global banks
ISLAMABAD: Bank of America has agreed to pay $72.5 million to settle a civil lawsuit brought by women who accused the bank of facilitating their sexual abuse by Jeffrey Epstein, according to court records and legal filings reported by Reuters.
The proposed class action alleged that the bank ignored suspicious financial transactions linked to Epstein’s network, enabling funds to move through accounts associated with individuals tied to his operations.
According to Reuters, Bank of America maintained that the claims were unfounded, with filings noting the bank’s position that allegations of deeper involvement were “threadbare and meritless.”
The settlement, which still requires approval from a U.S. federal judge, does not include any admission of wrongdoing by the bank.
Plaintiffs’ lawyers said the agreement provides compensation to victims after years of litigation.
At the same time, Bank of America stated the resolution allows it to put the matter behind it and move forward.
Jeffrey Epstein, who died in 2019 while awaiting trial on federal sex trafficking charges, had longstanding financial relationships with multiple major institutions, several of which have faced similar lawsuits and settlements.
Legal filings show the case was part of a broader class action involving women who allege they were abused between 2008 and 2019 and that financial institutions failed to act on warning signs linked to suspicious transactions.
The settlement follows other high-profile agreements in similar cases involving global banks, underscoring continued legal scrutiny of financial compliance systems connected to Epstein’s network.
