The settlement resolves claims brought by lawyers representing hundreds of Epstein's victims. This marks the third major payout secured by the same legal team following earlier settlements with JPMorgan Chase and Deutsche Bank. Epstein was a registered sex offender after pleading guilty in Florida to soliciting prostitution from an underage girl in 2008. That 2008 conviction resulted in a controversial 18-month sentence, of which Epstein served just 13 months in a county jail.
The victims accused Bank of America of turning a blind eye while profiting from its relationship with Epstein. The lawsuit alleged that Bank of America failed to act on warning signs that its accounts were being used to facilitate Epstein's abuse of young women. Bank of America stated that it did not facilitate sex-trafficking crimes but settled to resolve the case and provide closure.
The lawsuit was filed in October 2025 under case number 25-cv-08520 in the U.S. District Court for the Southern District of New York. Plaintiffs alleged the bank failed to file required suspicious activity reports with federal authorities until after Epstein's death in August 2019. Many of Epstein's victims were young women, often aspiring models from countries including Russia and Ukraine, according to the complaint. The lawsuit detailed the story of one lead plaintiff, an unidentified woman who arrived in the United States from Russia around 2011 at about age 20. She alleged Epstein abused her at least 100 times and forced her into what the complaint described as a cultlike life, leaving her financially and emotionally dependent on him.
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.
In 2013, Bank of America allegedly opened an account for her at the direction of Epstein's associates, despite alleged red flags cited in the lawsuit, including her limited English, lack of employment and absence of a clear source of income. The complaint argued such circumstances should have triggered scrutiny under anti-money laundering and trafficking detection frameworks. According to court filings, Epstein paid her rent and income through a Bank of America account while controlling her financially, emotionally, and psychologically, sexually abusing her on at least 100 occasions over eight years. The suit alleged that $170 million Leon Black paid to Epstein from a Bank of America account, described as compensation for tax and estate planning advice, represented suspicious transactions the bank should have flagged.
Black was not a defendant in the lawsuit but was described as a critical witness by Sigrid McCawley, the lead attorney for the victims. Black had been scheduled to be deposed on the same day the settlement details were filed with the court. In February 2026, Judge Rakoff had allowed key claims to proceed, ruling that allegations of the bank's reckless disregard were sufficient to support the case moving forward. The settlement was reached in principle on March 12, and its terms were made public on March 27.
The settlement covers all women sexually abused or trafficked by Epstein or his associates between June 30, 2008, and July 6, 2019. Lawyers in the case said they are aware of at least 60 women victimized during that period. The settlement resolves claims by hundreds of Epstein victims. Bank of America began doing business with Epstein after JPMorgan Chase ceased dealing with him.