NEW YORK, NY, August 29, 2026 — A federal judge approved — once and for all, the court said Thursday — Bank of America’s $72.5 million settlement with accusers of evil financier Jeffrey Epstein. During a hearing in Manhattan, U.S. District Judge Jed Rakoff deemed the deal “fair, reasonable and adequate.” The money will be paid out to women who say the bank failed to investigate suspicious transactions linked to Epstein.
The Claims Against The Bank
Paperwork for the class action lawsuit, which was lodged using the pseudonym Jane Doe in October, said that Bank of America had been “totally loyal” to Epstein. The bank did not file required reports about suspicious activities until after Epstein died in prison in 2019, plaintiffs said. The settlement covers approximately 90 girls who were trafficked or abused from 2008 to 2019.
Lead plaintiff Jane Doe said she met Epstein while living in Russia. She reported that he assaulted her a minimum of 100 times between 2011 and 2019. Most of these encounters happened after Epstein had pleaded guilty to a Florida prostitution charge in 2008.
Bank of America moved to dismiss, contending that the lawsuit attempted an improper expansion of bank liability. It said the accusations fell under typical work done for a client not known at the time to be related to trafficking. In March, the bank agreed to settle while continuing to deny it aided any of Epstein’s crimes.
Judge Rejects Objections From Accusers
Rakoff rejected arguments that the settlement was too expansive from three accusers. That provides some sizable restitution and partial justice for many victims, he said. The judge also allowed attorneys fees of up to 30% of the total from the settlement.
The three accusers objecting to the deal said it required them to relinquish their related claims without compensation. Rakoff also dismissed allegations that the settlement inappropriately encompassed facts somehow distinct from those surrounding Doe’s own case. He said a written decision formalizing the approval would come by the end of the week.
Rakoff said “monetary compensation can never make Epstein’s victims whole”. The settlement, which was mediated by claims administrator Simone Lelchuk (who also handled the earlier Deutsche Bank settlement), also comes on the heels of a recent decision from the U.S. District Court. Lawyers began identifying and notifying potential class members who may be unaware of the case.
More So Within A Broader Sector-Wide Trend Of Bank Settlements
Previous settlements led by Doe’s legal team include a $290 million deal with JPMorgan Chase and a $75 million settlement with Deutsche Bank. Last year, a similar claim against Bank of New York Mellon was dropped for failure to provide evidence. Banks did not admit wrongdoing in any of their settlements.
In the BNY Mellon case, for example, the court found that plaintiffs did not sufficiently plead federal civil liability stemming from trafficking law. That decision described BNY Mellon’s more narrow role as different from the deeper banking relationships at stake in other cases. Staff and attorneys for these plaintiffs continue to pursue related claims against those defendants connected with Epstein.
Epstein died in a Manhattan jail cell on sex trafficking charges in August 2019 while waiting for trial. City medical examiners ruled his death a suicide. For years after, litigation against banks and associates followed in the wake of his financial dealings.
Payments Related to Financier Leon Black
The Bank of America estimates included in the case say there were more than $170 million discussed between Epstein and financier Leon Black, according to Senate Finance Committee data. Black has denied knowledge of Epstein’s crimes. Federal recommendations in terms of what banks are required to do when it comes to reporting suspicious transactions—these would be outlined in the Justice Department guidelines.
Black resigned as chief executive of Apollo Global Management in light of an independent investigation into his ties to Epstein. According to that review, he had paid Epstein about $158 million for financial and tax advisory services. Black has categorically denied any suggestion that he was implicated in Epstein’s behaviour.
The settlement does not end separate investigations into other individuals linked to Epstein’s finances. Legal analysts say oversight of big wire transfers flowing through the country’s largest banks will continue to be monitored closely. Lawmakers on congressional committees have indicated they still want to know about how the banks tracked Epstein’s accounts.
