Bank of America Settles Epstein-Related Lawsuit for $72.5 Million

Bank of America agreed to a $72.5 million settlement to resolve a civil lawsuit. The case accused the bank of facilitating sexual abuse by Jeffrey Epstein. The court is expected to approve the settlement. The legal team representing the plaintiffs could receive up to 30% of the settlement as fees.

Bank of America has announced a $72.5 million settlement to resolve allegations of facilitating Jeffrey Epstein's sexual abuse, according to court documents disclosed on Friday. The settlement, pending approval from a U.S. judge, aims to provide closure to the victims who claimed financial relief.

Attorney representatives David Boies and Bradley Edwards declared the settlement the most favorable path forward for their clients, many of whom have awaited justice for years. The legal team plans to request up to 30% of the settlement amount in legal fees. U.S. District Judge Jed Rakoff is set to review the agreement.

The lawsuit accused the bank of ignoring suspicious financial transactions tied to Epstein. While Bank of America has maintained its innocence, it has acquiesced to the settlement to close the matter. Similar settlements were reached with JPMorgan Chase and Deutsche Bank for $290 million and $75 million, respectively.

(With inputs from agencies.)