Bank of America approves $72.5 million settlement with Epstein accusers

U.S. District Judge Jed Rakoff approved Bank of America's $72.5 million settlement with women who said the bank helped Jeffrey Epstein's sex-trafficking operation. He approved the deal after an August 27 hearing. The lawsuit alleged that Bank of America opened accounts and moved transfers tied to Epstein associates, including the MC2 modeling agency. The lawsuit also alleged that the bank ignored warning signs. Bank of America denies facilitating trafficking and did not admit liability. Rakoff rejected objections that the release of claims was too broad. He called the settlement fair, reasonable, and adequate. The class covers women sexually abused or trafficked by Epstein or his associates from June 30, 2008, to July 6, 2019. About 60 to 90 women are expected to receive payments. The court approved attorneys' fees equal to 30 percent of the fund. A bank spokesman said the deal lets the bank put the case behind it and gives the plaintiffs closure. JPMorgan Chase earlier paid $290 million in a settlement. Deutsche Bank paid $75 million in a settlement.