Overview
- Court records filed Friday disclosed the $72.5 million class settlement and set a Thursday, April 2 hearing before Judge Jed Rakoff to consider approval.
- Bank of America did not admit wrongdoing and said the agreement lets it put the matter behind it while offering closure to the plaintiffs.
- The proposed deal would pay women abused by Jeffrey Epstein or his associates between June 30, 2008 and July 6, 2019, and lawyers say they have identified at least 60 victims.
- The lawsuit alleges the bank ignored red flags and delayed required suspicious activity reports, including on about $170 million Leon Black wired to Epstein, and a planned deposition of Black was avoided once settlement talks progressed.
- The agreement follows JPMorgan’s $290 million and Deutsche Bank’s $75 million payouts in 2023 in similar cases, and plaintiffs’ attorneys may seek up to 30% of the fund in legal fees.