Bank of America Resolves Lawsuit with Epstein Accusers

• Judge Jed Rakoff ruled in January that Bank of America must face claims it knowingly benefited from Epstein's sex trafficking, including processing payments from Apollo co-founder Leon Black to Epstein
• The settlement avoids a May 11 trial and a scheduled deposition of billionaire Leon Black, who paid Epstein $158 million for tax and estate planning services
• Plaintiffs' lawyers previously settled similar claims against JPMorgan Chase for $290 million and Deutsche Bank for $75 million in 2023

Bank of America Settles Jeffrey Epstein Accusers' Lawsuit

Key Development:

Bank of America has reached a settlement in principle with women who accused the bank of facilitating sexual abuse by Jeffrey Epstein, avoiding a trial scheduled for May 11, 2026. The settlement, announced March 16, requires approval from U.S. District Judge Jed Rakoff, with a hearing set for April 2. Settlement terms were not disclosed.

Legal Background:

The proposed class action, filed in October by "Jane Doe," alleged Bank of America ignored suspicious financial transactions related to Epstein despite substantial evidence of his crimes, prioritizing profit over victim protection. In January, Judge Rakoff ruled the bank must face claims that it knowingly benefited from Epstein's sex trafficking and obstructed the federal Trafficking Victims Protection Act.

Key Parties:

• Bank of America: The nation's second-largest bank maintained the allegations were "threadbare and meritless"
• Leon Black: Apollo Global Management billionaire co-founder whose $158 million in payments to Epstein for tax and estate planning were flagged in the lawsuit. Black's scheduled March 26 deposition is now expected to be canceled
• Previous Settlements: Doe's lawyers previously secured $290 million from JPMorgan Chase and $75 million from Deutsche Bank in 2023 for similar claims

Market Context:

This settlement represents the latest in a series of major financial institutions resolving litigation connected to Epstein, who died in August 2019 while awaiting sex trafficking charges. The combined settlements across three major banks now total approximately $365 million, excluding the undisclosed Bank of America amount.