Bank of America has reached a settlement in a civil lawsuit filed by women who claimed the bank played a role in facilitating their sexual abuse by Jeffrey Epstein, as revealed in court documents. During a telephone conference with U.S. District Judge Jed Rakoff, legal representatives for both parties indicated they had achieved a “settlement in principle.” The specific terms of the settlement have not been disclosed at this time.
The agreement is pending approval from Judge Rakoff, with attorneys for both sides expected to submit formal legal documentation regarding the settlement by March 27. A court hearing has been scheduled for April 2 to consider the approval of the deal.
Sigrid McCawley, an attorney representing the women, characterized the resolution as a significant milestone toward achieving justice. Meanwhile, a spokesperson for Bank of America refrained from commenting on the matter.
The lawsuit, filed in October under the pseudonym Jane Doe, asserted that Bank of America, the nation’s second-largest bank, ignored dubious financial activities linked to Epstein, prioritizing profit over the safety of survivors despite ample evidence of his wrongdoing. Bank of America countered these allegations, arguing that Doe’s claims suggested only that the bank provided standard services to individuals with no prior knowledge of Epstein’s criminal connections, branding the assertion of deeper involvement as “threadbare and meritless.”
In January, Judge Rakoff ruled that Bank of America must confront Doe’s allegations that it profited from Epstein’s sex trafficking and impeded the enforcement of the federal Trafficking Victims Protection Act. Specifically, the lawsuit cited transactions involving Leon Black, the billionaire co-founder of Apollo Global Management, who had made significant payments to Epstein for tax and estate planning services. Black, who stepped down as CEO of Apollo in 2021, denied any wrongdoing and claimed he was unaware of Epstein’s illegal activities.
A deposition for Black was set for March 26, which is expected to be canceled in light of the recent settlement. Additionally, a trial that had been scheduled for May 11 will also likely be called off if Judge Rakoff endorses the settlement.
Doe’s legal team has initiated actions against other alleged enablers of Epstein’s trafficking operations, having already negotiated settlements of $290 million with JPMorgan Chase and $75 million with Deutsche Bank on behalf of his accusers. Epstein, who was awaiting trial on sex trafficking charges, died in a Manhattan jail cell in August 2019, with the cause of death determined to be suicide.
