A federal judge in Manhattan granted final approval to Bank of America's $72.5 million class-action settlement. The settlement addresses claims from women who accused the bank of facilitating Jeffrey Epstein's sex-trafficking operation. U.S. District Judge Jed Rakoff announced the decision on Thursday. It resolves allegations that the bank knowingly benefited from and enabled Epstein's activities by ignoring red flags in his financial transactions.
The lawsuit claimed Bank of America failed to report suspicious activity. This allegedly helped sustain Epstein's abuse of young women for over a decade. Bank of America did not admit wrongdoing as part of the settlement. The bank stated the resolution allows it to move past the matter and provides closure for the accusers. This follows similar large settlements made by JPMorgan Chase and Deutsche Bank in 2023 over their relationships with Epstein.