Lawyers seek Epstein survivors in Bank of America $72.5m settlement negotiations

Bank of America Reaches $72.5m Settlement with Victims of Jeffrey Epstein’s Crimes

A settlement has been reached between Bank of America and victims of convicted sex offender Jeffrey Epstein’s crimes. The agreement, valued at $72.5 million, is the third major bank to settle with victims over allegations that it facilitated Epstein’s crimes.

According to court filings, a proposed class action lawsuit against Bank of America was allowed to proceed in October. A woman named Jane Doe filed the lawsuit on behalf of herself and other women and girls who claim they were abused by Epstein. The lawsuit alleged that Bank of America ignored suspicious transactions related to Epstein’s sex-trafficking operations and knowingly benefited from its relationship with him.

As part of the settlement, Bank of America reiterated its position that it did not participate in Epstein’s sex crimes. However, the bank acknowledged that it would provide compensation to victims who have a stake in the settlement.

United States District Judge Jed Rakoff gave preliminary approval to the settlement on Thursday. The judge stated that while the gravity of Epstein’s crimes cannot be fully compensated, victims are entitled to receive just compensation from entities that knowingly facilitated his sexual trafficking.

The Bank of America deal is the third major banking institution to settle with victims over allegations related to Epstein’s crimes. JPMorgan Chase and Deutsche Bank have also agreed to settle with victims, paying $290 million and $75 million respectively.

A final approval hearing for the settlement is scheduled for August 27. The judge has called on lawyers to compile a list of publications that can be used to notify Epstein’s victims, who are believed to number in the hundreds.

Source: Al Jazeera