Bank of America has reached a $72.5 million (£54.6 million) settlement in a lawsuit brought on behalf of victims of Jeffrey Epstein, accused of facilitating his sex trafficking operation.
The proposed class-action lawsuit, initiated by a Florida woman who claimed to have been abused by Epstein on numerous occasions, alleged that the bank had significant knowledge of Epstein's illicit activities but prioritized its profits over the victims' protection.
According to court documents, while the bank maintains that the settlement does not imply any admission of liability or wrongdoing, the deal reflects a significant financial resolution to ongoing allegations.
This settlement follows similar actions by other financial institutions, including JP Morgan Chase and Deutsche Bank, underscoring the increasing scrutiny faced by banks regarding their roles in facilitating operations of high-profile criminals.
Legal representatives for the plaintiffs emphasized that this agreement is a step toward justice for the victims, with further implications regarding broader systemic issues surrounding corporate accountability.
Bank of America had previously attempted to dismiss the lawsuit, arguing that it provided standard services to individuals without known ties to Epstein until the latter's criminal associations were revealed.
