Bank of America to pay $72.5 million in Epstein-linked case

Bank of America has agreed to pay $72.5 million to settle a civil lawsuit brought by women who accused the bank of aiding and abetting sexual misconduct linked to Jeffrey Epstein. Court records show the agreement still requires approval from Judge Jed Rakoff.

The bank denies involvement in human trafficking but said the settlement is intended to bring closure to a long-running dispute.

The plaintiffs alleged the lender ignored suspicious transactions linked to Epstein despite available information about his activities. A judge had earlier ruled the bank must answer claims that it knowingly profited from his conduct.

Lawyers for the victims said the settlement represents the best outcome given both the passage of time and the need for financial compensation.

Similar cases have already ended in settlements – JPMorgan paid $290 million and Deutsche Bank $75 million.

(reuters, pir)