Epstein victims get $72.5M from Bank of America settlement
CNBC • • general
Key Points:
- Bank of America has agreed to pay $72.5 million to settle a class action lawsuit alleging the bank facilitated Jeffrey Epstein's sex trafficking operation, though the bank did not admit wrongdoing.
- The settlement covers all women sexually abused or trafficked by Epstein or his associates between June 30, 2008, and July 6, 2019, with at least 60 known victims during this period.
- The lawsuit claims Bank of America helped Epstein avoid regulatory scrutiny and provided financial services that enabled his trafficking enterprise to grow, increasing harm to victims.
- Bank of America denies any participation or facilitation of Epstein's crimes but agreed to the settlement to resolve the matter and provide closure for plaintiffs.
- Epstein died by suicide in 2019 while awaiting trial on child sex trafficking charges; he had previously served 13 months in jail after a 2008 conviction for soliciting an underage girl for prostitution.
