Bank of America has reached a settlement in principle in a lawsuit accusing the bank of enabling the financial activities of disgraced financier Jeffrey Epstein, according to a court filing.
A docket entry posted in federal court shows attorneys for both sides informed the court that they had reached an agreement to resolve the case.
The court approved the parties’ joint request to pause all pending deadlines while the settlement moves through the approval process.
IN CASE YOU MISSED IT | House panel seeks testimony from guard on duty when Epstein died
The lawsuit alleged Bank of America "knowingly provided the financial support and the veneer of institutional legitimacy" that allowed Epstein to operate under the "guise" of legitimate business activity.
The complaint claims the bank failed to file required Suspicious Activity Reports, or SARs, despite signs that Epstein’s financial behavior warranted closer scrutiny. The lawsuit describes that failure as "wrongful and purposeful."
IN CASE YOU MISSED IT | Epstein’s former New Mexico ranch searched in criminal investigation
Prior to the settlement agreement, Bank of America asked the court to dismiss the case.
Survivors have also reached settlements with other financial institutions accused of overlooking Epstein’s conduct.
JPMorgan Chase agreed to pay $290 million to sexual abuse survivors who alleged the bank ignored warnings about Epstein’s behavior, though the bank did not admit wrongdoing as part of the settlement.
Deutsche Bank also reached a $75 million settlement, acknowledging it made a "critical mistake" in taking Epstein on as a client.
