Bank of America settled a civil lawsuit on Monday involving women who accused the firm of facilitating sexual abuse by Jeffrey Epstein. The proposed class-action suit claims the bank ignored suspicious financial activities to prioritize profit.
A federal judge ruled in January that the bank must face claims of knowingly benefiting from sex trafficking. This ruling included allegations that the bank obstructed the Trafficking Victims Protection Act.
Bank of America previously described the allegations as meritless and maintained it only provided routine services. The settlement terms remain undisclosed and await court approval.