Bank of America Settles Epstein Trafficking Claims Without Admitting Wrongdoing

A federal judge has approved a $72.5M (£53.5M) settlement between Bank of America and women who say Jeffrey Epstein or people connected to him abused or trafficked them.

Judge Jed S. Rakoff gave the deal oral approval at a hearing in Manhattan on 27 August and signed the written final judgment on 28 August. Lawyers for the women have said about 60 women are expected to receive payments. Bank of America has not admitted wrongdoing and continues to deny that it participated in, assisted or facilitated Epstein's sex-trafficking venture.

Bank of America also denies facilitating Epstein's sex-trafficking venture or obstructing enforcement of federal anti-trafficking law. The settlement does not admit the allegations were true. The court approved the settlement without deciding whether the allegations against the bank were valid. The notice to claimants clarifies that the approval is not a finding of liability.

What the Women Actually Get

The $72.5M settlement is a fund that will be shared among eligible claimants, rather than a single payment. Rakoff awarded lawyers 30% of the fund, or $21.75M (£16.1M), in legal fees. Other permitted deductions can also come from the fund, including taxes, unreimbursed legal expenses and an award for the settlement class representative's reasonable costs and expenses. The 30% fee alone would leave $50.75M (£37.5M) before those other deductions.

A court-appointed administrator will decide how much each eligible claimant receives. Simone K. Lelchuk will consider factors including the nature and extent of the alleged abuse or trafficking, the claimant's relationship with Epstein and whether she cooperated with government investigations. Participating claimants must complete a confidential form and provide information under penalty of perjury. Any remaining positive amount after claims and other payments are settled will go to a charity agreed upon by the parties.

What the Judge Ruled Along the Way

The case began on 15 October 2025. A woman using the name Jane Doe accused Bank of America of ignoring suspicious financial activity connected to Epstein. She alleged that money linked to her abuse passed through one of his accounts. She also alleged that the bank failed to meet reporting and compliance duties involving suspicious conduct and provided Epstein with banking services the lawsuit described as non-standard. Bank of America argued that the lawsuit concerned routine banking services.

Rakoff narrowed the case on 29 January. He dismissed four claims, including allegations that the bank participated in or aided Epstein's trafficking and that it was negligent. Two claims remained: that the bank knowingly benefited from Epstein's sex trafficking and that it obstructed enforcement of the federal Trafficking Victims Protection Act. Rakoff did not decide whether either claim was true, and the case was set for trial on 11 May before the parties agreed to settle in March.

The Third Bank to Pay

Bank of America is now the third major bank to settle claims brought by Epstein accusers. JPMorgan Chase paid $290M (£214M) in 2023, while Deutsche Bank agreed to pay $75M (£55.4M) earlier that year. Neither bank admitted wrongdoing as part of its settlement. Together, the three settlements total $437.5M (£323M).

The same two law firms represented Epstein accusers in the Bank of America, JPMorgan Chase and Deutsche Bank cases. Bank of New York Mellon faced a separate related lawsuit, but Rakoff dismissed all claims against it. The settlements and the dismissal of the BNY Mellon case resolved these lawsuits without a trial finding the banks liable for the allegations. The cases involved alleged financial facilitation and related legal claims, not a court finding that the banks committed Epstein's crimes.

Not everyone supported the Bank of America deal. Three women objected, arguing that the settlement required them to give up related legal claims against Bank of America and other potential defendants without separate compensation. Rakoff rejected the objections and certified the settlement class for purposes of the deal. Sigrid McCawley of Boies Schiller Flexner LLP said in March that the settlement was 'one more step on the road to much-deserved justice.'

Rakoff also stressed the settlement's limits. 'No amount of money can ever fully compensate Epstein's victims,' he said at the hearing. The class covers claims from 30 June 2008 through 6 July 2019 and includes people who were under 18 when the alleged abuse occurred. Epstein died in a Manhattan jail cell in August 2019, years before the Bank of America lawsuit was filed.