Bank of America has settled a civil lawsuit brought by women who accused the bank of facilitating their sexual abuse by Jeffrey Epstein, court records showed on Monday.
Lawyers for the bank and the women told Manhattan-based US district judge Jed Rakoff in a 12 March telephone call that they had reached a “settlement in principle”, a court filing said. The terms of the settlement were not immediately clear.
The settlement requires Rakoff’s approval. Lawyers for both sides are scheduled to submit legal papers about the settlement by 27 March, and the judge scheduled a court hearing for 2 April to consider approving the deal.
Sigrid McCawley, a lawyer for the women, said in a statement: “Today’s resolution of the case against Bank of America is one more step on the road to much-deserved justice.”
A spokesperson for Bank of America declined to comment.
The proposed class action, filed in October by a woman using the pseudonym Jane Doe, accused the country’s second-largest bank of ignoring suspicious financial transactions related to Epstein despite a “plethora” of information about his crimes because it valued profit over protecting survivors.
Bank of America has said Doe alleged merely that it provided routine services to people who at the time had no known links to Epstein, and that any suggestion that it was more deeply involved was “threadbare and meritless”.
Rakoff ruled in January that Bank of America must face Doe’s claims that it knowingly benefited from Epstein’s sex trafficking and obstructed enforcement of the federal Trafficking Victims Protection Act. Among the transactions Doe flagged were payments to Epstein by Leon Black, Apollo Global Management’s billionaire co-founder.
Black stepped down as Apollo’s chief executive in 2021 after a review by an outside law firm found he had paid Epstein $158m for tax and estate planning.
He has denied wrongdoing and said he was unaware of Epstein’s criminal conduct.
Black had been scheduled on 26 March to be questioned under oath by lawyers for Doe and Bank of America.
The deposition is not expected to go forward because of the settlement. A scheduled 11 May trial will also not take place if Rakoff approves the settlement.
Doe’s lawyers have also sued other alleged enablers of Epstein’s sex trafficking, and in 2023 reached settlements of $290m with JPMorgan Chase and $75m with Deutsche Bank on the behalf of his accusers.
