Bank of America to Pay USD72.5 Million to Epstein Victims

(MENAFN) Bank of America has consented to pay $72.5 million to survivors of Jeffrey Epstein’s sex-trafficking ring, who claim the bank facilitated and profited from his illegal operations.

US District Judge Jed Rakoff, who is supervising the lawsuit, is set to hold a hearing in April to determine whether the settlement will be approved, according to a report by a news agency on Saturday.

The legal action, initiated last year, contends that the country’s second-largest bank offered financial services to Epstein and his trafficking organization. This included accounts used by victims and associates, such as Ghislaine Maxwell and Leon Black, the former CEO of Apollo Global Management.

A Bank of America representative told the news agency, “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.”

The agreement does not compel Bank of America to accept liability. It applies to all women sexually abused or trafficked by Jeffrey Epstein—or by members of his trafficking network—between June 30, 2008, and July 6, 2019, with at least 60 victims identified, according to attorneys representing the plaintiffs.

The plaintiffs argue that the bank neglected proper account monitoring and failed to submit timely suspicious activity reports for questionable transactions. Among these, a $170 million transfer from Leon Black’s account, described as “tax and estate planning advice,” is alleged to have financed Epstein’s trafficking activities.

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