According to reporting by CNN and other outlets, the lawsuit was filed on behalf of women who alleged the bank failed to act on warning signs tied to Epstein’s sex trafficking activities. Plaintiffs argued that the bank provided financial services to individuals connected to Epstein while ignoring suspicious transactions that could have exposed his operations.

The case, initiated in late 2025, centred on claims brought by a woman identified as “Jane Doe,” who alleged she was trafficked and abused by Epstein between 2011 and 2019. The lawsuit accused the bank of prioritising profit over compliance, claiming it overlooked red flags and failed to report unusual financial activity as required under US law.

In a statement, Bank of America denied any wrongdoing but said the settlement was a pragmatic step toward closure. “While we stand by our prior statements, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs,” a spokesperson said.

The settlement, which still requires approval from a federal judge in Manhattan, is expected to compensate dozens of victims. Lawyers representing the plaintiffs said the agreement offers timely financial relief to individuals who suffered abuse years ago and have been seeking accountability through the courts.

The case forms part of a broader wave of litigation targeting banks over their historical ties to Epstein. In recent years, institutions including JPMorgan Chase and Deutsche Bank have collectively paid hundreds of millions of dollars to resolve similar claims, though none have admitted liability.

Epstein, who died in a New York jail in 2019 while awaiting trial on federal sex trafficking charges, maintained relationships with powerful individuals and financial institutions for years, raising ongoing questions about oversight failures within the banking system.

For Bank of America, the settlement closes a high-profile chapter of legal scrutiny, even as broader concerns remain about the role of financial institutions in detecting and preventing criminal activity.