Epstein case, after JPMorgan and Deutsche Bank also Bank of America settles

Wall Street is also coming to terms with the Epstein scandal. Bank of America has agreed to settle a proposed class action lawsuit on behalf of the victims of Jeffrey Epstein, who accused the bank of facilitating sex trafficking perpetrated by the late financier.

The agreement in principle was recorded in the New York court file. The terms of the agreement were not disclosed. Any settlement will have to be approved by US District Judge Jed Rakoff in Manhattan.

The same attorneys who had previously obtained out-of-court settlements with JPMorgan Chase & Co. and Deutsche Bank AG over ties to Epstein sued Bank of America in October. While the earlier lawsuits concerned Epstein's banking relationships, the lawsuit against Bank of America focuses primarily on accounts allegedly used by his "accomplices, associates and victims."

The agreement, which was reached quickly, will probably allow Leon Black, co-founder of Apollo Global Management, to avoid a deposition scheduled for 26 March, during which he was to testify behind closed doors for eight hours. According to the prosecution, Black allegedly transferred $170 million to Epstein from accounts at Bank of America. The victims' lawyers claimed that these transfers were "the primary means of financing the sex trafficking activity and that there was no apparent commercial or legal purpose". Black has always denied any charges and has not been sued.

The prosecution also alleges that Epstein's ex-girlfriend Ghislaine Maxwell used accounts at Bank of America. Maxwell was convicted of sex trafficking in 2021 and is currently serving a 20-year prison sentence.