Bank of America Agrees to Settle Lawsuit Related to Jeffrey Epstein Abuse Allegations

Washington D.C.  Bank of America, the American multinational investment bank and financial services provider, has agreed to pay victims to settle a lawsuit related to the deceased sex offender Jeffrey Epstein, court documents revealed on Friday. Reuters reported that the lawsuit was a civil suit filed against the bank, alleging it facilitated Epstein's sexual misconduct.

Lawyers for the bank and the women told U.S. District Judge Jed Rakoff in Manhattan this month that they had reached an agreement to settle the matter for $75 million. However, the terms of the initial settlement have not been made public.

“We stand by our previous statements in this case, which include that the bank did not facilitate sex trafficking. But this settlement allows us to end this litigation and provides further peace of mind to the plaintiffs,” a spokesperson for Bank of America said.  

They emphasized that the agreement was the best option for the clients under the current circumstances. According to court documents, lawyers may seek approximately 30 percent of the settlement, or about $22.5 million, as legal fees.  

The settlement requires final approval from Judge Rakoff. The judge has scheduled a hearing for Thursday regarding the approval of this agreement.