A federal judge has approved Bank of America's $72.5 million settlement with women who allege they were abused or trafficked by Jeffrey Epstein or people associated with him, making the lender the third major bank to pay to resolve litigation tied to its banking relationship with the late financier.
U.S. District Judge Jed S. Rakoff gave the agreement oral approval at an Aug. 27 hearing in Manhattan and signed the final judgment the following day. Lawyers representing the class have said roughly 60 women are expected to receive payments from the settlement.
Bank of America hasn't admitted wrongdoing and continues to deny allegations that it participated in, assisted or facilitated Epstein's sex-trafficking operation. The settlement also doesn't amount to a judicial determination that the allegations against the bank were true.
The $72.5 million won't be divided equally among the women. A court-appointed administrator, Simone K. Lelchuk, will determine individual awards based on factors including the nature and extent of the alleged abuse or trafficking, each claimant's relationship with Epstein and whether she assisted government investigations.
Claimants will be required to submit confidential forms containing information under penalty of perjury. Any positive balance remaining after approved claims and other payments have been made will be donated to a charity selected by agreement of the parties.
A substantial portion of the settlement will go toward legal fees and other costs. Rakoff approved attorneys' fees equal to 30% of the fund, or $21.75 million, leaving $50.75 million before other permitted deductions.
Those additional deductions can include taxes, unreimbursed legal expenses and reasonable costs and expenses awarded to the settlement class representative. As a result, the amount ultimately distributed among eligible women will be less than the headline $72.5 million settlement.
The litigation began Oct. 15, 2025, when a plaintiff identified as Jane Doe sued Bank of America, alleging the bank ignored suspicious financial activity connected to Epstein. She alleged that money associated with her abuse passed through one of Epstein's accounts and accused the lender of failing to fulfill reporting and compliance responsibilities related to suspicious conduct.
The lawsuit also alleged that Bank of America provided Epstein with banking services characterized by the plaintiffs as non-standard. Bank of America disputed that characterization and argued that the case involved routine banking services.
Rakoff substantially narrowed the lawsuit in January. On Jan. 29, he dismissed four claims, including allegations that Bank of America participated in or aided Epstein's trafficking and that the lender was negligent.
Two claims survived: allegations that Bank of America knowingly benefited from Epstein's sex trafficking and obstructed enforcement of the federal Trafficking Victims Protection Act. Rakoff's ruling allowed those claims to proceed but didn't determine that either allegation was true.
The case had been scheduled for trial on May 11 before the parties reached a settlement in March. Final approval means the remaining claims will be resolved without a trial determining whether Bank of America was legally liable.
The agreement brings total settlements involving three major banks and Epstein accusers to $437.5 million. JPMorgan Chase agreed in 2023 to pay $290 million, while Deutsche Bank agreed that year to a $75 million settlement.
Neither JPMorgan nor Deutsche Bank admitted wrongdoing in their settlements. The same two law firms represented Epstein accusers in the cases involving Bank of America, JPMorgan and Deutsche Bank.
Bank of New York Mellon faced separate litigation related to Epstein, but Rakoff dismissed all claims against the lender. Taken together, the cases have produced hundreds of millions of dollars in settlements without trial findings that the banks participated in Epstein's crimes.
The Bank of America agreement faced objections from three women who argued that its release provisions required them to surrender related claims against the bank and other potential defendants without receiving separate compensation. Rakoff rejected those objections and certified the class for purposes of the settlement.
Sigrid McCawley of Boies Schiller Flexner LLP, one of the lawyers representing Epstein accusers, described the agreement in March as "one more step on the road to much-deserved justice."
Rakoff emphasized during the final-approval hearing that the financial settlement couldn't undo the harm described by Epstein's accusers. "No amount of money can ever fully compensate Epstein's victims," he said.
The settlement class covers claims from June 30, 2008, through July 6, 2019, and includes people who were minors when the alleged abuse occurred. Epstein died in a Manhattan jail in August 2019, more than six years before the Bank of America lawsuit was filed.
