Bank of America settles Epstein victim case for $72.5 million. What comes next
Bank of America has reached a $72.5 million settlement in a lawsuit brought by a victim of the late sex offender Jeffrey Epstein. The victim claimed the bank ignored clear warning signs of his abuse while profiting from his business.
The Charlotte-based bank and attorneys for the plaintiff reached the deal in the proposed class-action case following mediation, and informed a federal judge in New York of the terms of their agreement Friday, March 27, court records show.
The settlement will provide compensation for women that Epstein sexually abused and trafficked between June 2008 and July 2019, the month of his final arrest.
The plaintiff in the case against Bank of America, identified as “BOA Jane Doe,” said she was among the victims after meeting Epstein in Russia. She was abused at least 100 times, according to the lawsuit.
The lawsuit, filed last October in federal court in New York, claimed that Bank of America knew of Epstein’s activities but “chose profits over protecting victims.” Doe’s suit alleged Epstein used force or threats, fraud and coercion to compel girls and young women into commercial sex acts.
Bank of America has denied all liability, wrongdoing or knowledge of Epstein’s trafficking, saying it provided routine banking services. The bank said it is agreeing to settle to avoid the cost and uncertainty of litigation.
“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,” Bank of America said in a statement to The Charlotte Observer on Saturday.
The preliminary settlement agreement was filed with the court last week. U.S. District Judge Jed Rakoff still needs to sign off on the settlement before it can be finalized. A hearing is scheduled for April 2.
‘Life-changing’ compensation for Epstein victims
Epstein and his associates ran a multi-state and international operation that recruited and pressured victims, and arranged sexual abuse at his homes in New York, Florida and on his private island, federal prosecutors have said.
Epstein harmed over 1,000 victims, Doe’s lawyers wrote in their settlement memo, citing Justice Department statements. They also said they were aware of at least 60 women who were victimized by Epstein between June 20, 2008, and July 6, 2019.
The compensation is “life‑changing” for many of the victims, and survivors can avoid the burden of “retraumatizing” trial testimony, plaintiff’s attorneys wrote in a memo supporting the class-action settlement.
Sigrid McCawley, lead counsel for the plaintiff, called the resolution “one more step on the road to much-deserved justice” for the women abused by Epstein and longtime companion Ghislaine Maxwell, who is in federal prison for facilitating years of Epstein’s abuse.
How Bank of America was linked to Epstein’s sex trafficking case
Doe’s lawsuit alleged that Bank of America violated federal and state laws, including the Trafficking Victims Protection Act.
Doe claimed that in 2013, Epstein associates instructed her to open a Bank of America account to mislead immigration authorities — placing her on the payroll of a shell company with payments routed from an account belonging to Epstein.
The suit alleged that a company called MC2 Model Management, co-founded by Epstein, used Bank of America accounts as a cover for trafficking, recruiting women under the guise of modeling opportunities.
Red flags the bank overlooked included banking activity tied to a New York address where dozens of trafficking victims were reportedly housed and evidence that a former banker at a Bank of America subsidiary was aware of Epstein’s crimes and the risks associated with his accounts, the suit alleged.
Bank of America obstructed law enforcement by failing to file required Suspicious Activity Reports, Doe claimed.
Why a judge let the case against Bank of America proceed
In November, Bank of America, sought to dismiss the lawsuit, arguing it had only provided “routine services” to customers who had no known connection to Epstein’s sex trafficking.
Claims against the bank of negligent failure to prevent physical harm and reasonable care as a banking institution, and aiding and abetting trafficking violations in the initial complaint, were dismissed by Rakoff in mid-February. But Rakoff ruled that the lawsuit could proceed based on two other key claims
Rakoff wrote that the complaint “plausibly alleges that Bank of America recklessly disregarded” information indicating Epstein’s operation was involved in sex trafficking. He cited widespread media coverage and previous civil suits describing Epstein as a “serial sexual abuser.”
The judge also cited the bank’s provision of “non-routine services” to Epstein’s associates, such as granting Jane Doe preferred customer status despite her having no clear source of income. The bank may have “turned a blind eye” by failing to conduct due diligence, Rakoff wrote.
Other banks linked to Epstein-related activity
More than 4,700 Epstein-related transfers worth over $1 billion passed through major financial institutions between the early 2000s and 2019, according to Doe’s lawyers.
In January, a similar suit to the one against Bank of America was filed against Bank of New York Mellon. It was dismissed after the court found the bank’s role was limited to routine banking.
In 2023, JPMorgan Chase, the largest bank in the U.S., made a $290 million settlement with women who said Epstein abused them, and the bank ignored red flags about his sex trafficking.
That same year, Deutsche Bank settled a similar case for $75 million for accepting Epstein as a client even after dozens of sexual assault claims were lodged against him. The bank also was fined $150 million by New York state’s financial regulator over its relationship with Epstein.
And on Thursday, survivor’s of Epstein’s sexual abuse filed a class-action lawsuit in California federal court against the Trump administration and Google over the release of their personal information in files made public by the Justice Department.
Epstein died at age 66 in 2019 in a Manhattan jail cell awaiting trial on sex trafficking charges. His death was ruled a suicide.
And Maxwell is serving a 20-year prison sentence. She was convicted in 2021 of recruiting and grooming girls.
What happens next in the Bank of America Epstein victims case
If the judge signs off on the case, a fund administrator will be appointed and a dedicated website will be created for the settlement. It will be regularly updated with information and key documents concerning the settlement.
The two high-profile law firms representing Doe, Boies Schiller Flexner and Edwards Henderson, could be entitled to up to 30% of the settlement.
Bank of America also agreed to pay certain litigation costs and claims administration costs; those costs will not come from the fund used to pay class members, court records show.
Business editor Adam Bell contributed to this report
This story was originally published March 28, 2026 at 10:04 AM.
