Bank of America
Several women accuse the bank of having ignored signs of suspicious activity and of having benefited from the businessman’s network.
O Bank of America reached an agreement to pay approximately 72.5 million dollars (almost 63 million euros) a victims of Jeffrey Epstein, accused of sex trafficking and child abuse.
The bank reaches this agreement to end a legal case – but ensures that he did not facilitate the crimes.
The action, filed in the form of a class action lawsuit, was filed by several women who allege they were victims of sexual exploitation by Epstein.
The complainants accused the financial institution of having ignored signs of suspicious activity and, indirectly, have benefited of financial operations associated with network of the businessman.
According to the case documents, the bank maintained relationships with individuals close to Epstein and did not report potentially illicit transactionsdespite relevant evidence.
Example: using accounts to move large sums of money linked to his circle, including payments of millions made by figures in the business world.
O Bank of America reject, however, any direct involvement in criminal activities, highlighting that the agreement does not constitute an admission of guilt.
In a statement, the institution states that the decision aims to end the litigation and provide some degree of compensation and closure to alleged victims.
“While we stand by our previous statements in court documents related to this case, that the Bank of America did not facilitate any sex trafficking crimesthis agreement allows us to close the matter and helps the complainants to find peace”, claims the bank in the statement published this Friday, cited in .
The plaintiffs’ lawyers considered the understanding as the more pragmatic solution, taking into account the time that has passed since the alleged abuses and the need for immediate financial compensation. It is estimated that a significant part of the amount — up to around 30% — can be allocated to legal fees.
The agreement still needs to be approved by the court, and a hearing is planned to validate the terms defined between the parties. If confirmed, the process will be closed, avoiding a trial that could expose new details about the financial relationships between banking institutions and Epstein.
This case is part of a series of similar lawsuits filed against large international banks. In recent years, institutions such as JPMorgan Chase and Deutsche Bank have agreed to pay hundreds of millions of euros to resolve disputes related to the same scandal.
