Lead

A U.S. federal judge has granted preliminary approval to a $72.5 million settlement between Bank of America and women who say they were sexually abused by Jeffrey Epstein, with lawyers estimating that between 60 and 75 women may benefit from the fund.

U.S. District Judge Jed Rakoff set a final approval hearing for August 27 and ordered lawyers to submit a broader list of publications by Friday to notify potential victims about the settlement fund, saying he wanted to ensure "nobody is left out," as reported by multiple outlets including ABC Australia and The Hindu.

Coverage Comparison

The settlement, first announced in court filings on March 27, stems from a proposed class action lawsuit filed in October by a woman using the pseudonym Jane Doe on behalf of herself and other alleged victims. The plaintiffs accused Bank of America, the second-largest U.S. bank, of ignoring suspicious financial transactions related to Epstein's sex-trafficking operations, according to Al Jazeera.

The case was brought by women who accused the bank of facilitating their sexual abuse because it valued profit over protecting victims, as reported by ABC Australia. In agreeing to settle, Bank of America reiterated its position that it did not facilitate sex trafficking crimes, stating: "While we stand by our prior statements made in the filings in this case, including that Bank of America did not facilitate sex trafficking crimes, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs."

Key Claims

  • Settlement amount and scope: Bank of America agreed to pay $72.5 million to resolve claims from women who alleged the bank ignored suspicious transactions linked to Epstein's abuses between June 2008 and his arrest in July 2019, as reported by ABC Australia, Al Jazeera, and The Hindu.
  • Expected beneficiaries: Attorney David Boies said lawyers for the victims believed between 60 and 75 women will make claims eligible for payouts, adding "there may be more we haven't identified," according to ABC Australia and The Hindu.
  • Judicial approval and timeline: Judge Rakoff gave preliminary approval on April 2 and scheduled a final approval hearing for August 27, with a broader notification plan to be submitted by Friday, as confirmed by all three outlets.
  • Epstein's death: Epstein died in August 2019 in a Manhattan federal jail while awaiting trial on sex trafficking charges; his death was ruled a suicide, as reported by ABC Australia and The Hindu.
  • Other bank settlements: JPMorgan Chase and Deutsche Bank have also settled with victims over accusations of overlooking Epstein's crimes, according to ABC Australia and Al Jazeera.
  • Epstein's associates and 2008 deal: Al Jazeera reported that Epstein's social circle included powerful figures like Andrew Mountbatten-Windsor, Bill Clinton, and Donald Trump, and that critics argue these associates helped shield him from accountability. The outlet also noted Epstein's 2008 plea deal requiring him to register as a sex offender. These details were not included in the other two sources' coverage.

Perspectives

Judge Rakoff emphasized the importance of compensating victims while cautioning against penalizing those who were merely "drawn into his wide orbit but had no role in assisting or benefiting from his egregious misconduct," as quoted by ABC Australia. He also said, "It's not fair to penalise those persons or entities that were drawn into his wide orbit but had no role in assisting or benefiting from his egregious misconduct," and vowed to "continue to scrutinise this until the moment of final settlement."

The bank maintains it did not facilitate sex trafficking, while plaintiffs' lawyers may seek up to 30 percent of the settlement for legal fees, according to ABC Australia.