Bank of America agrees to pay ₹687cr to settle Epstein-linked lawsuit: Reports

Bank of America has reportedly agreed to pay $72.5 million (around ₹687 crore) to resolve a class-action lawsuit that accused the bank of enabling the sex trafficking network run by Jeffrey Epstein, according to court filings.

As per reports, in a statement, the bank said it continues to deny any involvement in Epstein’s criminal activities but chose to settle the case to bring the matter to a close and provide relief to the plaintiffs.

The lawsuit was filed by an anonymous woman representing herself and other alleged victims. It alleged that senior bank officials overlooked warning signs related to Epstein’s activities while continuing to offer him banking and investment services.

If approved by the court, the settlement will avoid a prolonged legal battle and has been described as being in the best interest of those involved.

This marks the latest settlement involving financial institutions linked to Epstein. Earlier, JPMorgan Chase and Deutsche Bank had each agreed to pay about $75 million in similar cases in 2023.

Epstein, a wealthy financier known for his connections with influential figures, was arrested in 2019 on charges of trafficking minors. He had previously been convicted in 2008 for soliciting sex from underage girls.

He died by suicide later that year while in custody at a detention facility in Manhattan.