Bank of America reached a settlement with victims of Jeffrey Epstein, agreeing to pay $72.5 million.
“While we stand by our prior statements made in the filings in this case, including that Bank of America did not facilitate sex trafficking crimes, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs,” the bank said in a statement.
Bank of America was accused of “knowingly and intentionally” participating in Epstein’s “sex trafficking venture by providing Jeffrey Epstein and his associates with banking and investment services” while it “ignored red flags and failed, or was otherwise negligent, in its compliance and regulatory responsibilities.”
“Bank of America maintains that it did not violate the TVPA or commit any common law negligence torts, as the Bank merely provided routine banking services to Epstein, his co-conspirators, Epstein-related entities, and/or other Epstein-related individuals during the Class Period and was not part of, and did not participate in, assist, support, facilitate, or know of, Epstein’s criminal sex trafficking venture,” court documents state.
JP Morgan Chase has also been involved in Epstein-related lawsuits. In 2023, the bank settled a lawsuit with the Virgin Islands surrounding claims that the bank benefited from Epstein’s sex-trafficking operation and failed to report suspicious financial activity.
House Committee on Oversight and Government Reform Chairman James Comer (R-KY) previously issued subpoenas to JPMorgan Chase Bank’s General Counsel, Stacy Friedman. He wrote, “The Committee is aware that Mr. Epstein held accounts at JPMorgan Chase and that Mr. Epstein banked with JPMorgan Chase for around two decades until 2013 when JPMorgan Chase reportedly closed all of Mr. Epstein’s accounts.”
