Bank of America Settles Lawsuit with Victims Surviving Sex Abuse
On March 17 in Manhattan federal court, a tentative settlement was reached between Bank of America and victims who alleged the bank ignored suspicious financial transactions involving convicted sex offender Jeffrey Epstein while he abused hundreds.
Key Points
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1Bank of America has tentatively settled lawsuits alleging it ignored suspicious financial transactions involving Jeffrey Epstein while he was sexually abusing victims.
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2The proposed settlement includes a class action filed by women accusing the bank of facilitating their abuse, with details revealed in Manhattan federal court filings on March 16-17.
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3Attorneys for both sides informed the judge that they had reached an agreement to settle without going through trial or discovery proceedings.
Developments
The Bank of America has reached an agreement, subject only to final approval by its board of directors, in principle regarding a lawsuit alleging it maintained relationships with Jeffrey Epstein and delayed reporting suspicious activities until after his death. This settlement does not admit or deny the underlying allegations against either party at this time.
Bank of America has agreed to settle civil lawsuits filed against it for allegedly ignoring suspicious financial transactions related to Jeffrey Epstein, with U.S. District Judge Jed Rakoff required to approve the deal before any class action trial proceeds. The settlement follows a January ruling that found Bank of America must face claims regarding its role in facilitating sex trafficking and obstructing federal law enforcement actions involving figures like Leon Black.