Bank of America has reached a $72.5 million (£54.6 million) settlement in a lawsuit brought on behalf of victims of Jeffrey Epstein, who accused the bank of facilitating his sex trafficking operation.
The proposed class-action lawsuit was filed in October by a Florida woman who asserts she was abused by Epstein 'on at least 100 occasions' between 2011 and 2019, during which time she held two accounts at Bank of America at the direction of Epstein's business team.
The lawsuit contended that the bank had 'a plethora of information regarding Epstein's sex trafficking operation but chose profit over protecting the victims'.
In court documents, Bank of America stated that the settlement does not imply any admission of liability or wrongdoing on its part.
The settlement was finalized earlier this month, although details were only disclosed after associated documents were filed on Friday in a New York federal court, pending a judge's approval.
Sigrid McCawley, a lawyer representing the victims, declared to the BBC that the resolution marks 'one more step on the road to much deserved justice'.
This settlement signifies the third by a major banking institution, with JP Morgan Chase previously agreeing to pay $290 million (£218 million) and Deutsche Bank settling for $75 million.
The lawsuit, brought on behalf of a 'Jane Doe', highlights 'incredibly alarming and erratic banking behavior' linked to her accounts utilized by Epstein's team. She disclosed that she encountered Epstein in Russia in 2011 and was subjected to control and abuse until Epstein's death in custody in August 2019.
The court ruled Epstein's demise as a suicide, with the woman referring to it as her 'ultimate escape.'
Additionally, the lawsuit highlights over $150 million paid to Epstein by billionaire Leon Black, who co-founded Apollo Global, labelled as 'tax and estate planning advice', through his Bank of America account. Black stepped down from Apollo amid scrutiny over his association with Epstein and has denied any misconduct.
In past proceedings, Bank of America advocated for the dismissal of the lawsuit, asserting that it provided standard services to individuals, whom at that time had no known connections to Epstein, terming the complaint as 'threadbare and meritless.'
Bank of America reiterated its stance, stating, '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.'
