New York: Bank of America (BAC.N) has settled for $72.5 million a civil lawsuit from Jeffrey Epstein accusers who claimed the bank supported their sexual abuse, court filings confirmed Friday.
Attorneys for the parties informed Manhattan US District Judge Jed Rakoff earlier this month of a “settlement in principle,” keeping details private initially, Reuters reported.
“While we stand by our prior statements made in the filings in this case, including that Bank of America did not facilitate sex trafficking crimes, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs,” the bank’s spokesperson stated.
Plaintiffs’ counsel David Boies and Bradley Edwards wrote in a joint submission that the pact suits their clients best “given that many Class Members suffered harm many years ago and are in need of financial relief now.”
Fees for the lawyers could reach 30% of the total, around $21.8 million, records show. Rakoff will review it at a hearing next week.
The October class-action filing by anonymous plaintiff Jane Doe faulted the top US bank by size for dismissing Epstein’s suspicious dealings amid a “plethora” of public crime intel, favoring gains over victim welfare.
The lender replied that Doe’s suit alleged mere routine aid to unrelated parties at the time, deeming expanded accusations “threadbare and meritless.”
Rakoff’s January decision required the bank to defend against claims of trafficking profits and violations of the Trafficking Victims Protection Act. Doe spotlighted payments from Apollo Global Management (APO.N) co-founder Leon Black.
Black quit as Apollo’s CEO in 2021 following a third-party investigation that revealed $158 million to Epstein for tax and estate services. He maintains no fault and no knowledge of Epstein’s offenses.
The same legal team has won $290 million from JPMorgan Chase (JPM.N) and $75 million from Deutsche Bank (DBKGn.DE) in comparable Epstein accuser suits during 2023. They continue fighting Rakoff’s January rejection of claims against Bank of New York Mellon (BK.N).
Epstein ended his life by suicide in a Manhattan cell in August 2019 while facing sex trafficking charges, as ruled by New York City’s chief medical examiner.
