On Friday, Bank of America, the second largest bank in the United States, reached a settlement of $72.5 million (approximately RM284.49 million) with multiple victims in the Epstein case. These victims had filed a class-action lawsuit against the bank, accusing it of facilitating the late American financier Jeffrey Epstein's sexual abuse of victims.
A Bank of America spokesperson stated in a press release that the bank stands by its previous position, including that it 'did not facilitate sex trafficking crimes.' However, this settlement 'allows us to resolve this matter and enables the plaintiffs to move on.'
Attorneys for the plaintiffs said the settlement was the best option for the plaintiffs, 'because they were harmed many years ago and now need financial compensation.'
This settlement must be approved by Judge Jed Rakoff of the United States District Court for the Southern District of New York before it can take effect.
This class-action lawsuit was filed in October last year. The victims stated that despite extensive information about Epstein's crimes being available, Bank of America still put profits ahead of protecting victims and ignored suspicious financial transactions related to Epstein. Bank of America responded that the plaintiffs merely cited routine services provided by the bank to people with no known association with Epstein at the time, and any suggestions of deeper involvement by Bank of America are 'baseless and without merit.'
Previously, Epstein's victims also filed class-action lawsuits against other institutions allegedly assisting Epstein's sex trafficking, and in 2023 reached settlements of $290 million (about RM1.138 billion) with JPMorgan Chase and $75 million (about RM294.3 million) with Deutsche Bank, respectively.