Bank of America Reaches Epstein Trafficking Settlement

Bank of America has reached a tentative settlement in a proposed class-action lawsuit accusing the bank of ignoring suspicious financial transactions tied to Jeffrey Epstein's sex trafficking operation. The agreement, described as a settlement in principle, was disclosed in filings Monday in U.S. District Court in Manhattan, the same day billionaire financier Leon Black was originally set to be deposed as a witness in the case.

The October lawsuit was filed on behalf of a plaintiff identified as Jane Doe, a Russian woman who alleged Epstein coerced her into a controlled existence starting in 2011. According to court documents, Epstein abused her on at least 100 occasions through 2019, including rapes and forced sexual encounters with other women, while paying her rent and income from a fictitious job via a Bank of America account. The suit claimed the bank overlooked red flags, such as her preferred customer status despite lacking a verifiable income source, and provided nonroutine services that facilitated Epstein's network. It further alleged the bank violated the Trafficking Victims Protection Act by recklessly disregarding evidence of trafficking, including widespread media...