Financial giant Bank of America has agreed to pay $72.5 million (€62.8 million) to settle a class action lawsuit accusing it of facilitating Jeffrey Epstein's sex trafficking operations, according to court filings on Friday. The lawsuit alleged that the bank ignored "red flags" and suspicious transactions linked to Epstein to continue providing him financial services, prioritizing profit over protecting victims.

The suit, filed by an unidentified woman on behalf of herself and other alleged victims, claimed the bank valued profit over safeguarding those harmed. Bank of America denied the allegations, stating that "Bank of America did not facilitate sex trafficking crimes," but added that the settlement would bring closure for plaintiffs, as a spokesperson noted in a statement.

The proposed settlement, which requires court approval, would avert a lengthy trial. A hearing has been scheduled before a US district judge. This agreement follows similar precedents by other lenders, including JPMorgan and Deutsche Bank, which in 2023 agreed to pay $75 million each to settle comparable lawsuits.

Epstein, a New York financier, was accused of running a yearslong sex abuse ring involving underage girls. He was convicted in 2008 of soliciting sex from minors and died by suicide in a New York jail in 2019 while awaiting trial on further sex trafficking charges.

In 2025, the release of a vast archive of evidence collected in connection with the convicted pedophile triggered global fallout, including arrests in the UK of ex-Prince Andrew Mountbatten‑Windsor and ex‑Ambassador Peter Mandelson. In the US, the files exposed Epstein's ties with prominent figures, highlighting ongoing legal and societal repercussions.

Source: www.dw.com