"The lawsuit accused the bank of ignoring 'red flags' and suspicious transactions linked to Epstein in order to continue providing him financial services."
"While the bank denied the allegations and said that the 'Bank of America did not facilitate sex trafficking crimes,' it added that the resolution the settlement would bring closure for plaintiffs."
"The proposed settlement, which requires court approval, would avert a lengthy trial. A hearing has been scheduled before a US district judge."
"In 2023, both JPMorgan and Deutsche Bank agreed to pay $75 million separately to settle similar lawsuits."
Bank of America has agreed to a $72.5 million settlement in a class action lawsuit accusing it of enabling Jeffrey Epstein's sex trafficking activities. The lawsuit claimed the bank ignored warning signs and suspicious transactions to continue providing financial services to Epstein. Although the bank denied the allegations, it stated that the settlement would provide closure for the plaintiffs. This settlement follows similar agreements by JPMorgan and Deutsche Bank, which also faced lawsuits related to Epstein's activities.
Read at www.dw.com
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