Bank of America has agreed to pay $72.5 million to settle a federal class-action lawsuit accusing the bank of helping facilitate Jeffrey Epstein’s sex trafficking operation — becoming the latest major financial institution to face accountability for its ties to the disgraced financier.
Details of the settlement were presented Friday to U.S. District Judge Jed Rakoff in Manhattan, who must approve the deal before it takes effect. A preliminary court hearing on approval is scheduled for April.
Filed in October 2025, the lawsuit was brought on behalf of a woman identified only as Jane Doe and all others similarly situated. The complaint alleged that Bank of America “knowingly and intentionally participated in, assisted, supported, and facilitated” Epstein’s sex trafficking operation by providing him and his associates with banking services while ignoring glaring red flags.
At the center of the case was billionaire Leon Black, co-founder of Apollo Global Management. Though not named as a defendant, Black was described as a key witness. The lawsuit accused Bank of America of turning a blind eye to more than $170 million that Black transferred from his Bank of America accounts to Epstein — often in increments of $10 to $20 million — purportedly for “tax and estate planning advice.” Plaintiffs argued there was no legitimate business explanation for those transfers, and that they served as the primary financial engine of the trafficking venture.
The lead plaintiff said she was living in Russia when she met Epstein in 2011 and was coerced into a controlled, cult-like existence. According to the filing, Epstein sexually abused her on at least 100 occasions, paid her rent and a fraudulent salary through Bank of America accounts, and held her immigration status over her as a means of control until his death in 2019.
The lawsuit alleged the bank repeatedly failed to file legally required suspicious activity reports — known as SARs — flagging unusual transactions, and only did so after Epstein died.
Bank of America made no admission of liability as part of the settlement. In a statement, the bank said: “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.”
Judge Rakoff had allowed the case to move forward in February after ruling that allegations of the bank’s “reckless disregard” were sufficient to sustain the claims.
The settlement is the fourth of its kind by a major financial institution connected to Epstein. In 2023, JPMorgan Chase agreed to pay $290 million to Epstein victims and separately agreed to pay the U.S. Virgin Islands $75 million. Deutsche Bank paid victims $75 million that same year. Unlike those earlier cases, which centered on Epstein’s own banking relationships, the Bank of America suit focused primarily on accounts allegedly used by his co-conspirators, associates, and victims.
The settlement would cover all women sexually abused or trafficked by Epstein, or by anyone connected to his operation, between June 30, 2008 and July 6, 2019. Lawyers in the case estimate there are at least 60 women who fall within that class. Plaintiffs’ attorneys may seek up to 30% of the fund — roughly $21.8 million — in legal fees, with the remainder distributed to survivors after court approval.