By
Jacob Shamsian
Every time Jacob publishes a story, you’ll get an alert straight to your inbox!
By clicking “Sign up”, you agree to receive emails from Business Insider. In addition, you accept Insider’s
Terms of Service and
Privacy Policy.
Follow Jacob Shamsian
- Jeffrey Epstein victims and Bank of America reached a settlement in a class-action lawsuit.
- The terms haven't yet been publicly disclosed.
- JPMorgan paid $290 million and Deutsche Bank paid $75 million for similar lawsuit settlements.
Bank of America settled a proposed class-action lawsuit from Jeffrey Epstein accusers who alleged the bank facilitated the now-dead pedophile's sex-trafficking operation, court records show.
Lawyers for the bank and a group of Epstein accusers told the judge overseeing the case during a pretrial conference last week that they "reached a settlement in principle," according to a Monday update to the case's docket.
The terms of the settlement were not made public.
US District Judge Jed Rakoff, who is overseeing the case, gave a March 27 deadline for the parties to file public documents laying out the settlement's terms, and an April 2 hearing to decide whether to approve them.
"The women entrapped and abused by Jeffrey Epstein and Ghislaine Maxwell started a monumental reckoning with their brave voices and fearlessness," Sigrid McCawley, an attorney at Boies Schiller Flexner representing the Epstein accusers, said in a comment. "The road to justice for these women has been long and trying. Today's resolution of the case against Bank of America is one more step on the road to much deserved justice."
A representative for Bank of America declined to comment. In previous public statements and court filings, the bank denied wrongdoing.
The settlement scuttles a scheduled deposition for Leon Black, the billionaire ex-CEO of Apollo Global Management, which was set for March 26.
The accusers' lawsuit had alleged that Black's more than $150 million in transfers to Epstein — which Black has said was for financial and estate-planning services — facilitated Epstein's sex-trafficking. Bank of America should have paid closer attention to Black's accounts and any transactions related to Epstein, the lawsuit said.
Black has separately been asked to testify before the House Oversight Committee, which is investigating Epstein, on May 13.
JPMorgan agreed to pay $290 million, and Deutsche Bank agreed to a $75 million payout, to settle similar lawsuits brought by the same group of lawyers representing Epstein victims.
Rakoff previously tossed a parallel lawsuit the attorneys brought against BNY — formerly Bank of New York Mellon Corp. — but allowed portions of the case against Bank of America to move forward.
In an earlier court hearing, Rakoff said he would be disappointed if the cases against BNY and Bank of America didn't go to trial.
"I don't want to discourage you from settling," the judge said. "There are some of my colleagues that think settling is always the way to go. But I'm much more selfish and I would love to see two very good trials."
