A federal judge on Thursday approved a $72.5 million settlement between victims of Jeffrey Epstein and Bank of America over the bank’s financial dealings with the sex offender. File Photo courtesy of New York State Division of Criminal Justice/EPA-EFE
Aug. 27 (UPI) — A Manhattan federal judge on Thursday signed off on a $72.5 million settlement between Bank of America and victims of Jeffrey Epstein over the banking giant’s involvement in the convicted sex offenders crimes.
Judge Jed Rakoff said the agreement was a move toward accountability for the victims, he added that the pain caused by Epstein could be undone. “No amount of money can ever fully compensate Epstein victims for the harm they’ve suffered,” he said.
Around 60 women who were trafficked or abused by Epstein or any of his associates between June 2008 and July 2019 will be covered by the settlement, attorneys for the women have said.
The Charlotte, N.C.-based bank was accused in a class-action lawsuit of ignoring red flags in Epstein’s transactions in the years after he was first charged with sexually abusing girls and young women.
The lawsuit, which was filed last October, accused Bank of America of “absolute loyalty” to Epstein.
According to Senate Finance Committee data, Bank of America filed suspicious activity reports about more than $170 million in suspicious transactions between billionaire Leon Black and Epstein.
Similar settlements have been reached with JPMorgan Chase for $290 million and Deutsche Bank for $75 million.
None of the banks have admitted wrongdoing.