Bank Approves Epstein Settlement
A federal judge in New York City granted final approval on Thursday to a 72.5 million USD (62.2 million EUR) settlement between Bank of America and women who accused the bank of facilitating their sexual abuse by late financier Jeffrey Epstein.
“We received the court’s award for final approval of the settlement for $72.5 million and economic justice for those survivors,” Sigrid McCawley, a managing partner at Boies Schiller Flexner and class counsel for the women, said after the hearing.
McCawley recognised that the financial compensation could not undo the abuse suffered by Epstein’s victims but could help survivors move forward.
“Nothing will change what happened to them at the hands of Jeffrey Epstein and Ghislaine Maxwell, but these moments where we can get them some financial remuneration really helps them move on with their lives,” she remarked.
Lawsuit Accused Bank Facilitation
The class-action lawsuit, filed in Manhattan federal court last October, accused Bank of America of ignoring suspicious transactions connected to Epstein and facilitating his sex-trafficking operation. Bank of America agreed to the settlement in March while denying that it facilitated Epstein’s crimes.
“Bank of America, along with many other financial institutions, had participated and facilitated in the crimes, so that was what the case was about, and we were able to resolve those claims with the settlement today for $72.5 million,” McCawley declared.
Lawyer Margaret Mabie of Marsh Law Firm, representing other victims depicted in child sexual abuse material (CSAM), said her clients sought to be excluded from the settlement so they could preserve potential claims against Epstein’s estate and financial institutions they allege enabled or facilitated crimes against them.
“Many victims of CSAM don’t necessarily have to be sex trafficking victims. And that’s why there’s a large group of individuals. Over 10,000 images of CSAM were found in the Epstein transparency files, and we’re looking to have those victims identified and another lawsuit filed on their behalf,” Mabie stated.
Settlement Follows Earlier Deals
The settlement covers women who were sexually abused or trafficked by Epstein, and people associated with his sex-trafficking venture between June 30, 2008 and July 6, 2019.
The Bank of America agreement follows earlier settlements involving financial institutions accused of facilitating Epstein’s activities.
JPMorgan Chase agreed to pay 290 million USD (249 million EUR) to settle a lawsuit by Epstein’s accusers in 2023, while Deutsche Bank agreed to a 75 million USD (64.4 million EUR) settlement that year.
Article by Viory
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