Bank of America agreed to pay $72.5 million to settle a lawsuit that accused the bank of helping facilitate Jeffrey Epstein’s sex trafficking operation, according to a filing in federal court.
The proposed settlement, filed March 27 in the U.S. District Court for the Southern District of New York, would resolve claims brought on behalf of alleged victims of Epstein. A judge must approve the agreement before it takes effect.
The lawsuit alleged that the bank “knowingly and intentionally participated in, assisted, supported, and facilitated Jeffrey Epstein’s sex trafficking venture by providing Jeffrey Epstein and his associates with banking and investment services while Bank of America ignored red flags and failed, or was otherwise negligent, in its compliance and regulatory responsibilities.”
Bank of America denied those allegations and made no admission of liability as part of the settlement.
“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,” a Bank of America spokesperson told CBS News.
A plaintiff identified as Jane Doe filed the lawsuit in October 2025 on behalf of herself and others with similar claims. The complaint alleged violations of the Trafficking Victims Protection Act and related laws tied to Epstein’s financial activity.
Plaintiffs claimed Bank of America maintained accounts for Epstein, his associates, and related entities from 2008 through 2019, the period during which the alleged abuse occurred.
The lawsuit alleged Epstein used those accounts to pay victims and maintain control over them through financial support and other means.
Bank of America pushed back on those claims in court filings. The bank said it “merely provided routine banking services” and “was not part of, and did not participate in, assist, support, facilitate, or know of, Epstein’s criminal sex trafficking venture.”
The parties reached the agreement after months of litigation that included motions, discovery, and mediation sessions in February and March 2026.
Court documents state both sides reviewed hundreds of thousands of pages of records, conducted depositions, and interviewed witnesses during the case.
Under the agreement, the $72.5 million settlement fund would go to eligible claimants. A court-appointed administrator will determine payments based on factors such as the severity and duration of alleged abuse.
Bank of America said it chose to settle to avoid continuing the case.
The filing states the bank agreed to resolve the lawsuit to eliminate the “burden, expense, and uncertainty of further protracted litigation,” while continuing to deny any wrongdoing.
Epstein died in federal custody in 2019 while awaiting trial on sex trafficking charges. Authorities ruled his death a suicide.
The settlement remains subject to approval by the court.
