Bank of America has tentatively settled a lawsuit alleging the bank ignored suspicious financial transactions tied to Jeffrey Epstein while he sexually abused hundreds of girls and women.
The proposed settlement was revealed Monday in Manhattan federal court filings, coinciding with the day billionaire financier Leon Black was originally set to be deposed. Terms of the settlement have not been disclosed, and the bank declined to comment.
Although not a defendant, Black was recently identified as a “critical witness” by Sigrid McCawley, an attorney representing Epstein’s victims.
Last week, Black’s lawyer persuaded Judge Jed S. Rakoff to delay his deposition by 10 days, citing ongoing settlement discussions. Black’s lawyer, Michael Carlinsky, did not immediately respond to requests for comment Tuesday.
In a statement, McCawley paid tribute to the “brave and fearless voices” of Epstein victims, saying their “road to justice” has been long and trying, but the Bank of America settlement “is one more step on the road to much deserved justice.”
The October lawsuit accused the bank of ignoring $170 million Black paid from a Bank of America account to Epstein purportedly for “tax and estate planning advice.”
It said the bank ignored “numerous red flags” of improper financial dealings, and “went far beyond what a non-complicit bank would have done and instead assisted Epstein in setting up the necessary financial structure to operate his sex-trafficking venture.”
The lawsuit, brought on behalf of a woman identified in court papers only as Jane Doe and “all others similarly situated,” said the woman was living in Russia when she met Epstein in 2011 and was “coerced into a cult-like life.”
It said she was paid by Epstein through a Bank of America account as she was controlled “financially, emotionally, and psychologically” by Epstein from 2011 through 2019 as he sexually abused her on at least 100 occasions, including raping her and forcing her to engage sexually with other women for his sexual gratification.
The lawsuit alleged that Epstein paid her rent and income from a phony job through a Bank of America account, and held her immigration status “over her head, until her ultimate escape when Jeffrey Epstein died.”
Epstein died in a federal jail in August 2019 as he awaited trial on sex trafficking charges. His death was ruled a suicide. He was known for his connections with wealthy and powerful men, and the lawsuit said he used it to his advantage in his attacks on women.
The recent Justice Department release of millions of pages of documents from law enforcement probes of Epstein show he had regular contact with CEOs, journalists, scientists and prominent politicians long after his 2008 conviction in state court in Florida on sex crimes charges.
A review of the documents by The Associated Press and other news organizations showed Black’s name appeared 8,200 times, though that figure likely includes some duplicate records.
In March 2021, Black stepped down as CEO of Apollo Global Management, saying he wanted to focus on his family, health, and “many other interests.”
A committee of the company's board had issued a report two months earlier concluding that Epstein had advised Black personally on estate planning, tax issues, charitable giving and running his “family office,” but provided no services to Apollo or invested in no Apollo funds.
The report also said the review — which Black requested — found “no evidence” that he was involved with Epstein’s alleged criminal activities “in any way” or “at any time.”
In a statement Tuesday, Sen. Ron Wyden, an Oregon Democrat who sits on the Senate Finance Committee, said the bank's decision to settle was a “step towards justice and a vindication of my staff's investigation into how major Wall Street banks enabled Epstein's crimes.”
He said the bank “willfully looked the other way” as Black paid Epstein the $170 million through “huge wire transfers,” often in $10 million or $20 million installments.
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