Lawyers have estimated that as many as 75 women could be involved in a $72.5 million settlement with Bank of America on charges related to convicted sex offender Jeffrey Epstein.
United States District Judge Jed Rakoff had called on lawyers to produce by Friday a comprehensive list of publications that could be used to notify Epstein’s victims, believed to number in the hundreds.
Recommended Stories
list of 3 itemsend of list
Rakoff explained that he wanted to ensure that “no one was left out” from the agreement. A final approval hearing for the settlement is scheduled for Aug. 27.
The settlement was first announced in court filings on March 27, after a proposed class action lawsuit against Bank of America was allowed to proceed.
In October, a woman going by the pseudonym Jane Doe filed a lawsuit on behalf of herself and other women and girls who say Epstein abused them.
She and her lawyers argued that Bank of America, America’s second-largest banking institution, had ignored suspicious transactions related to Epstein’s sex-trafficking operation.
The lawsuit further alleges that Bank of America knowingly profited from its relationship with Epstein and obstructed enforcement of the Trafficking Victims Protection Act, a federal law designed to prosecute sex trafficking.
As part of the settlement, Bank of America reiterated its position that it did not participate in Epstein’s sex crimes.
“While we stand by our prior statements in 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 statement said.
Rakoff gave his preliminary approval to the settlement on Thursday, although he acknowledged that the severity of Epstein’s crimes goes beyond a dollar amount.
Rakoff said, “While it is very likely that the victims of Jeffrey Epstein’s monstrous actions will never be fully compensated, the victims are entitled to receive fair compensation from any person or entity that knowingly, recklessly or otherwise unlawfully facilitated her sex trafficking.”
The Bank of America deal is the third such agreement with a major banking institution.
In 2023, two other financial organizations, JPMorgan Chase and Deutsche Bank, also agreed to settlements with victims over allegations that they ignored clear signs of Epstein’s crimes. JPMorgan Chase agreed to pay $290 million, while Deutsche Bank settled for $75 million.
However, Judge Rakoff dismissed a lawsuit against Bank of New York Mellon in January. Doe’s lawyers are appealing that decision.
Rakoff has argued that, while it is fair to seek compensation from those who facilitated Epstein’s crimes, not everyone associated with the convicted sex offender should be held liable.
Rakoff said, “It is not appropriate to punish individuals or entities who were included in his extensive orbit but had no role in aiding or benefiting from his serious misconduct.”
Prosecutors believe Epstein was preying on girls and young women for decades before his death in a New York City jail in 2019. His death was ruled a suicide.
A wealthy financier, Epstein also cultivated a social circle that included some of the most powerful people in politics, art and business.
They included figures such as Andrew Mountbatten-Windsor, a disgraced former prince of the United Kingdom, and two presidents of the United States, Bill Clinton and Donald Trump.
Critics have long argued that Epstein’s influential associates helped shield him from accountability during his lifetime.
In 2008, Epstein reached a deal with prosecutors in which he registered as a sex offender and pleaded guilty to two state charges: soliciting prostitution and procuring a minor for sex.
But through the deal, he avoided federal charges and a lengthy prison sentence. He served only 13 months of his 18-month sentence.
At the time of Epstein’s death in 2019, federal prosecutors had reopened their investigation into the financier and filed sex-trafficking charges against him.
David Boies, one of the lawyers representing Doe, said he believes there are at least 60 to 75 women who may be eligible to participate in the Bank of America settlement.
“There may be a lot more that we haven’t identified,” he said.
<a href