Epstein's Russian victim wins case against Bank of America and will receive huge compensation

Bank of America has agreed to pay $72,5 million to victims of sex offender Jeffrey Epstein to settle a class-action lawsuit. The lawsuit alleged that the bank facilitated his sex trafficking activities, according to reports. CNBC.

The agreement, in which Bank of America admitted no wrongdoing, marks the fourth settlement in lawsuits brought by Epstein's victims or government agencies alleging that banks facilitated his activities while he was their client. The agreement is subject to approval by U.S. District Court Judge Jed Rakoff of Manhattan; such approvals are typically granted.

According to the materials, the payments are intended for "all women who were sexually abused or trafficked by Jeffrey Epstein or any person connected or otherwise associated with Jeffrey Epstein, or any sex trafficking enterprise connected to Jeffrey Epstein, between June 30, 2008 and July 6, 2019, inclusive."

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The documents say lawyers in the case "are aware of at least 60 women who suffered at the hands of Epstein" during that period.

A Bank of America spokesperson said: "While we stand by our previous statements made in the filings in this case, particularly that Bank of America did not facilitate sex trafficking crimes, this settlement allows us to bring this matter to a close and provides additional closure for the plaintiffs."

What was alleged in the lawsuit

The lead plaintiff in the Bank of America case, who goes by the pseudonym Jane Doe, is a Russian native who met Epstein in 2011.

The complaint against Bank of America alleges that from then until 2019, "Epstein sexually assaulted Jane Doe at least 100 times, including forcibly touching, raping, and forcing her to perform sexual acts with other women for his own perverted gratification."

According to the lawsuit, in May 2013, Jane Doe opened an account at Bank of America at the direction of Epstein's accountant, Richard Kahn, and an immigration lawyer as part of a plan to defraud immigration authorities.

According to the lawsuit, "a recent investigation into Epstein's crimes revealed that billionaire Wall Street financier Leon Black made payments to Epstein, including $170 million for purported tax and estate planning advice, from his Bank of America account."

In 2023, Leon Black agreed to pay the U.S. Virgin Islands government $62,5 million in exchange for the government dropping any potential Epstein-related claims against him.

"Plaintiff alleges that Jeffrey Epstein's sex trafficking activities were enabled and supported by Bank of America's assistance in evading regulatory scrutiny and providing him with withdrawal and wire transfer services so that Defendant could profit from Epstein and his associates," the settlement documents state.

"Lead Plaintiff alleges that Defendant's assistance to Epstein's sex trafficking enterprise hindered the discovery of his illegal scheme and increased his access to and control over victims, causing harm to the group," the document says.

The bank "has expressly denied and continues to deny that it participated in or otherwise aided, abetted, supported, or facilitated Epstein's sex trafficking activities in any way or engaged in obstruction of justice."

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Weeks after being arrested on sex trafficking charges, 66-year-old Epstein committed suicide in a Manhattan federal prison in August 2019.

He previously pleaded guilty to soliciting a minor for prostitution in Florida in 2008 and ultimately served 13 months in prison.

Previous agreements

In June 2023, JPMorgan Chase agreed to pay Epstein's victims $290 million to settle a similar lawsuit. This came a month after Deutsche Bank approved a $75 million settlement.

In August 2023, JPMorgan Chase separately agreed to pay $75 million to the government of the U.S. Virgin Islands over allegations that the bank facilitated and profited from Epstein's trafficking of young women. Epstein owned a private island in the territory.

Like Bank of America, JPMorgan Chase admitted no wrongdoing in its agreements.

However, at the time of the settlement, Deutsche Bank stated: "We acknowledge our error in accepting Epstein as a client in 2013 and the shortcomings in our procedures. We have learned from our mistakes and shortcomings."

All three previous lawsuits, like the current one against Bank of America BoA, were filed in Manhattan federal court.

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