Bank of America Settles Lawsuit Alleging Facilitation of Jeffrey Epstein’s Abuse
Bank of America has reached a settlement in principle with women who accused the bank of facilitating sexual abuse by Jeffrey Epstein, according to court records filed on Monday, March 16, 2026. The agreement brings a measure of closure to a civil lawsuit alleging the bank ignored red flags regarding Epstein’s criminal activity.
Details of the Settlement
Lawyers representing both Bank of America and the plaintiffs informed Manhattan-based U.S. District Judge Jed Rakoff on March 12th that a “settlement in principle” had been reached. The Guardian reports that the specific terms of the settlement remain undisclosed. Legal documents are to be submitted by March 27th, with a court hearing scheduled for April 2nd for Judge Rakoff to consider approving the deal.
Allegations Against Bank of America
The lawsuit, initially filed in October by a plaintiff using the pseudonym Jane Doe, accused Bank of America of prioritizing profits over the safety of Epstein’s victims. MSN details the claim that the bank knowingly ignored suspicious financial transactions linked to Epstein. The plaintiffs alleged a “plethora” of information about Epstein’s crimes was available to the bank, yet it failed to act.
Judge Rakoff’s Ruling
In January, Judge Rakoff ruled that Bank of America must address the claims that it knowingly benefited from Epstein’s sex trafficking and obstructed the enforcement of the federal Trafficking Victims Protection Act. Business Day highlights this key decision that allowed the case to proceed.
Leon Black’s Involvement
The case brought to light financial transactions involving Leon Black, co-founder of Apollo Global Management. Records indicated payments totaling $170 million from Bank of America accounts to Epstein. Claims Journal reports that Black, who stepped down as Apollo’s CEO in 2021 after revelations of payments to Epstein, was scheduled to be deposed on March 26th. Though, this deposition is now unlikely to occur due to the settlement.
Broader Implications and Previous Settlements
This settlement follows similar resolutions in cases against other financial institutions. In 2023, JPMorgan Chase agreed to a $290 million settlement, and Deutsche Bank reached a $75 million agreement, both related to claims of enabling Epstein’s sex trafficking. Sigrid McCawley, a lawyer for the plaintiffs, stated that the resolution with Bank of America represents “one more step on the road to much-deserved justice.”
Epstein died by suicide in a Manhattan jail cell in August 2019 although awaiting trial on sex trafficking charges.