- Key insight: The proposed settlement makes Bank of America the third major bank, following JPMorganChase and Deutsche Bank, to settle claims.
- Supporting data: The lawsuit alleged BofA ignored a $170 million payment from billionaire Leon Black to Epstein that should have been flagged as suspicious.
- What's at stake: The lawsuit alleged BofA ignored suspicious activity in bank accounts opened by victims.
Bank of America has reached a settlement to resolve a proposed class-action lawsuit filed last year by a victim of Jeffrey Epstein who accused the bank of enabling his sex-trafficking operation.
BofA is the third major bank, after JPMorganChase and Deutsche Bank, to reach settlements with victims of Epstein who claimed the big banks failed to report suspicious activity in their accounts. But the settlements vary significantly in their terms.
Specific terms of the BofA settlement are sealed for now. A settlement agreement will be filed March 27 and a hearing to consider the settlement will be held April 2 by District Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York.
A BofA spokesman declined to comment.
The lawsuit against BofA was filed as a proposed class action though it was initiated by a single anonymous survivor. The case was filed in October 2025 by a Florida woman identified in court documents as Jane Doe, who is named as the lead plaintiff. The lawsuit seeks to represent all women who were abused or trafficked by Epstein and his associates.
The plaintiff alleged she was abused by Epstein "on at least 100 occasions," between 2011 and 2019. She claimed Epstein's business team directed her to open two accounts at BofA in 2013 and that the accounts were used for years by Epstein and his associates. The lawsuit specifically cited a $170 million payment from Leon Black, the billionaire co-founder of private equity firm Apollo Global Management, for "tax and estate planning" that victims argue should have been flagged as suspicious. Black resigned from Apollo in 2021 following revelations of his business ties to the convicted sex offender.
Judge Rakoff's oversight of the Bank of America settlement follows his work on similar high-profile cases involving Epstein's financial enablers. In 2023, he presided over and approved a $290 million settlement with JPMorganChase and a $75 million settlement with Deutsche Bank. JPMorgan and Deutsche Bank were Epstein's personal bankers.
The lawsuits alleged the banks provided essential financial services that allowed Epstein's international ring to flourish, despite internal concerns raised by bank employees about his criminal history. The JPMorgan settlement notably included a non-disparagement clause that reportedly kept the deal largely out of public view until this year.
The Epstein estate purportedly reached a settlement of up to $35 million last month to resolve claims that representatives aided the trafficking operation. A restitution fund established by the Epstein estate has reportedly paid out $121 million to victims. The Epstein Estate is the legal entity created after his death in August 2019 that defends against and pays out settlements to his victims.
