Bank of America agrees to pay $72.5 million to settle class-action lawsuitin which she was accused of facilitating a sex-trafficking network organized by American financier Jeffrey Epstein, convicted of sexually abusing underage girls. This follows from court documents published on Friday, AFP reported on Saturday night.
The bank also said it continues to deny that it supported Epstein’s crimes. He sees this settlement as an opportunity to “close this matter and bring additional satisfaction to the plaintiffs.” AFP added that the lawsuit against Bank of America was filed by an anonymous woman on behalf of herself and other alleged victims. He claims the bank’s management “ignored warning signs” about Epstein’s sex-trafficking ring and continued to provide him with banking and investment services.
The deal, if approved by the court, will avoid a potentially lengthy trial and is in the plaintiffs’ “best interest,” according to the plaintiffs. It is another bank that has agreed to settle lawsuits filed by Epstein’s alleged victims. In 2023, JPMorgan Chase made a similar deal in the amount of $75 million, and Deutsche Bank paid the same amount, according to the media..
Epstein, a billionaire and hedge fund manager with many powerful contacts, was charged with trafficking minors for sexual purposes after his arrest in July 2019. Already in 2008, he was convicted of enticing girls aged 14 and over into prostitution. In August 2019, Epstein committed suicide while in custody at the Metropolitan Correctional Center in Manhattan, New York.
The case remains politically sensitive and has been dogged by controversy over the release of investigative materials and Epstein’s network of contacts. In recent months, the US Department of Justice has published millions of documents related to the investigation, which affected several high-ranking managers and politicians not only in the US.
