Bank of America has partially settled a lawsuit it said it ignored suspicious transactions involving Jeffrey Epstein while sexually abusing hundreds of girls and women.
The proposed decision was revealed in Manhattan federal court on Monday, the same day financier Leon Black was scheduled to be arraigned in the case. Terms were not disclosed. The bank declined to comment through a bank spokesperson.
Although not a defendant, Black was recently described as a “critical witness” in the case of Sigrid McCawley, a lawyer for Epstein’s victims.
During the trial last week, Black’s lawyer persuaded Judge Jed S. Rakoff to postpone Black’s arraignment for 10 days on the grounds that the parties are about to settle. The attorney, Michael Carlinsky, did not immediately respond to a request for comment Tuesday.
In a statement, McCawley thanked the “brave and brave voices” of Epstein’s victims, saying their “road to justice” has been long and trying, but the Bank of America settlement is “one step on the road to proper justice.”
The October lawsuit accused the bank of ignoring US$170 million in black payments from a Bank of America account to Epstein allegedly for “tax and estate planning advice.”
It said the bank ignored “numerous red flags” of improper financial dealings, and “went beyond what an unencumbered bank would have done and instead helped Epstein establish the financial structure necessary to operate his sex trafficking business.”
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The lawsuit, filed on behalf of a woman identified in court documents only as Jane Doe and “all others who live a similar life,” said the woman was living in Russia when she met Epstein in 2011 and was “forced to live like a cult.”
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 to 2019 as he sexually assaulted her at least 100 times, including raping her and forcing her to have sex with other women for sexual gratification.
The lawsuit alleges that Epstein paid her rent and income from a fraudulent job using a Bank of America account, and put her immigration status “over her head, until she finally escaped when Jeffrey Epstein died.”
Epstein died in federal prison in August 2019 while awaiting trial on sex trafficking charges. His death was ruled a suicide. He was known for his relationships with rich and powerful men, and the lawsuit said he used them to his advantage in his attacks on women.
The Justice Department’s recent release of millions of pages of documents from Epstein’s legal investigation shows he was in regular contact with CEOs, journalists, scientists and prominent politicians after his 2008 conviction in Florida state court on sex crime charges.
A review of records by the Associated Press and other news organizations showed that Black’s name appeared 8,200 times, although that number may include duplicate records.
In March 2021, Black resigned 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 issued a report two months ago that concluded that Epstein had personally advised Black on estate planning, tax matters, philanthropy and managing his “family office,” but had not provided assistance to Apollo or invested in Apollo funds.
The report also said the review – requested by Black – has “no evidence” that he was involved in Epstein’s criminal activities “in any way” or “at any time.”
In a statement on Tuesday, Sen. Ron Wyden, an Oregon Democrat who sits on the Senate Finance Committee, said the bank’s decision to settle “is a step toward justice and vindicates my staff’s investigation into how major Wall Street banks perpetrated Epstein’s crimes.”
He said the bank “deliberately looked the other way” as Black paid Epstein $170 million in “huge transfers,” usually in installments of $10 or $20 million.
© 2026 The Canadian Press
