Bank of America agreed to pay $72.5 million to settle a lawsuit filed by victims of Jeffrey Epstein’s sexual abuse, marking the third major payout by a financial institution linked to the financier. The settlement, pending judicial approval, resolves allegations that the bank overlooked red flags tied to Epstein’s accounts, which prosecutors claim were used to facilitate abuse between 2008 and 2019. A Bank of America spokesperson reiterated the bank’s prior stance that it “did not facilitate sex-trafficking crimes” but emphasized the resolution’s role in “providing closure for plaintiffs.”

The case builds on prior settlements: JPMorgan Chase paid $290 million in 2023, and Deutsche Bank paid $75 million in 2021, reflecting systemic scrutiny of institutions tied to Epstein’s network. Most of Bank of America’s involvement occurred after JPMorgan severed ties with Epstein, focusing on accounts managed for Epstein’s associates, including private equity mogul Leon Black, who allegedly funneled $170 million to Epstein through the bank. The lawsuit highlighted red flags such as accounts opened for victims with no clear income or documentation, despite Epstein’s public sex offender status.

A lead plaintiff, an unidentified Russian woman abused by Epstein over 100 times, was granted an account in 2013 by Bank of America employees, even as she lacked English proficiency or employment. This case underscores ongoing legal and reputational risks for banks handling high-risk clients. Victims’ law firms, Boies Schiller Flexner and Edwards Henderson, stand to receive 30% of the settlement as legal fees, per court filings.

The settlement highlights the enduring fallout of Epstein’s crimes and the pressure on financial institutions to address complicity. With Epstein’s victims spanning decades, the payouts signal a broader reckoning for banks enabling abuse under the guise of legitimate business.