Bank of America will pay $72.5M to settle lawsuit by Epstein victims

Bank of America has agreed to pay $72.5 million to settle a class-action lawsuit filed on behalf of women who say they were victims of Jeffrey Epstein’s sex trafficking operation, reported CBS News. The settlement was filed in Manhattan federal court on March 27.

The bank denies wrongdoing. The settlement still requires approval from U.S. District Judge Jed Rakoff, with a hearing scheduled for April 2.

What the Jeffrey Epstein victims’ lawsuit alleged

The lawsuit, filed in October 2025 under case number 25-cv-08520 in the U.S. District Court for the Southern District of New York, accused Bank of America of providing banking and financial services to Epstein and his associates while ignoring clear warning signs.

Plaintiffs alleged the bank failed to file required suspicious activity reports with federal authorities until after Epstein’s death in August 2019, per CBS News.

The lead plaintiff, identified only as “BOA Jane Doe,” said she was living in Russia when she met Epstein in 2011 and was coerced into what she described as a cult-like life. According to court filings, Epstein paid her rent and income through a Bank of America account while controlling her financially, emotionally, and psychologically, sexually abusing her on at least 100 occasions over eight years.

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A central element of the lawsuit involved billionaire financier Leon Black, co-founder of Apollo Global Management. The suit alleged that $170 million Black paid to Epstein from a Bank of America account, described as compensation for “tax and estate planning advice,” represented suspicious transactions the bank should have flagged.

Black was not a defendant in the lawsuit but was described as a “critical witness” by Sigrid McCawley, the lead attorney for the victims. Black had been scheduled to be deposed on the same day the settlement details were filed with the court.

Bank of America’s position on Epstein lawsuit

“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,” the bank said in a statement cited by NBC News.

In February 2026, Judge Rakoff had allowed key claims to proceed, ruling that allegations of the bank’s “reckless disregard” were sufficient to support the case moving forward. The settlement was reached in principle on March 12, and its terms were made public on March 27.

Which Epstein victims are covered and what happens next

The settlement covers all women sexually abused or trafficked by Epstein or his associates between June 30, 2008, and July 6, 2019. Lawyers in the case said they are aware of at least 60 women victimized during that period.

Plaintiffs’ attorneys, including McCawley of Boies Schiller Flexner, may seek up to 30% of the fund, approximately $21.8 million, in legal fees. The remaining amount would be distributed among class members after court approval.

“Today’s resolution of the case against Bank of America is one more step on the road to much deserved justice,” McCawley said.

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How this compares to prior Wall Street Epstein payoutsJPMorgan Chase: Agreed to pay Epstein victims $290 million in June 2023, per NPR. JPMorgan separately paid the U.S. Virgin Islands $75 million later that year.Deutsche Bank: Agreed to pay victims $75 million in 2023, around the same time as JPMorgan’s settlement.Bank of America: $72.5 million settlement, pending court approval April 2.

As with the prior settlements, Bank of America did not admit liability. The pattern across all three institutions has been the same: settle, deny wrongdoing, and move on.

What Bank of America’s lawsuit settlement means for investors

The $72.5 million figure is not material to Bank of America’s finances. The bank reported $7.6 billion in net income in the fourth quarter of 2025 alone, making the settlement cost roughly three days of profit.

The more significant question for investors is reputational. Bank of America is the last of the major Wall Street institutions to settle Epstein-related claims. With this litigation moving toward closure, the legal overhang on the stock from this case is effectively resolved pending Rakoff’s approval.

The broader pattern across all three banks is notable. Each institution processed transactions for Epstein over many years. Each was accused of ignoring red flags. Each ultimately chose to settle rather than go to trial. None admitted wrongdoing.

The settlements collectively represent hundreds of millions of dollars paid to victims and their attorneys. But no bank has faced criminal charges or regulatory action directly tied to Epstein-related compliance failures.

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