End of Bank of America: Why are global banks paying millions over the Epstein case?

A Manhattan federal court in the US has officially approved another high-profile ruling in the Jeffrey Epstein case. Judge Jed Rakoff has approved a $72.5 million settlement between the financial giant Bank of America and the victims of the late financier accused of sexual abuse.

In his statement, Judge Rakoff called the settlement an important step toward justice and added: “No amount of money can fully compensate for the immense harm and mental anguish caused to the victims by Epstein”.

Compensation for 60 women: What is the lawsuit about?

According to the victims' attorneys, these funds between June 2008 and July 2019 will be distributed among approximately 60 women who were victims of human trafficking and sexual abuse by Epstein and his associates.

A class-action lawsuit was filed last October against the Charlotte, North Carolina-based bank:

• Turning a blind eye to suspicious transactions: The bank was accused of failing to stop Epstein's suspicious money operations even after he was first formally charged with crimes against underage girls, and of showing “absolute loyalty” to him;

• Senate Committee findings: According to the US Senate Finance Committee, Bank of America continued its partnership with Epstein even after recording reports regarding over $170 million in suspicious money transfers between billionaire Leon Black and Epstein.

Global banks are being penalized: Who paid how much?

Bank of America is not the only financial institution forced to pay large fines and settlements in the Epstein scandal. Other international giants have previously signed similar agreements:

• JPMorgan Chase — paid $290 millionto victims;

• Deutsche Bank — paid $75 million to victims.

Notably, none of the banks that paid hundreds of millions of dollars as part of these settlements have officially admitted any wrongdoing.