CHARLOTTE (dpa-AFX) - Bank of America agreed to resolve litigation by paying $72.5 million in connection with claims that it maintained ties with individuals close to Jeffrey Epstein and failed to properly monitor suspicious financial activity, according to several media reports.
The settlement stems from a proposed class-action lawsuit filed in New York on behalf of a woman who said she was trafficked and abused by Epstein between 2011 and 2019, along with other victims.
The reports said that the plaintiffs argued that the bank profited from Epstein's network and neglected to file required suspicious activity reports, despite having access to information through accounts linked to his associates. Unlike other suits against financial institutions, this case did not center on Epstein holding accounts directly with Bank of America, but rather on services provided to people around him.
Epstein, who was indicted in 2019 on federal sex-trafficking charges involving underage girls, had previously been convicted more than a decade earlier of soliciting prostitution from a minor. The settlement allows Bank of America to avoid trial while admitting no wrongdoing, and it adds to a series of financial institution settlements tied to Epstein's activities.
BAC closed Friday's regular trading at $46.97 down $1.27 or 2.63%.
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