Bank of America has agreed to a $72.5 million settlement for victims of Jeffrey Epstein’s sexual abuse, marking the latest in a series of large settlements connected to the infamous financier’s long-running trafficking network.

The proposed settlement, disclosed in a federal court filing in Manhattan on Friday, addresses claims from lawyers representing hundreds of Epstein’s victims. They alleged that the banking giant ignored warning signs and benefited from its association with him.

This agreement, which awaits court approval, is the third substantial settlement achieved by the same legal team, following previous agreements with JPMorgan Chase and Deutsche Bank.

The lawsuit centered on accusations that Bank of America overlooked indications that its accounts were being used to support Epstein’s exploitation of young women.

A spokesperson for the bank told the New York Times, “While we maintain our previous statements made in this case, including that Bank of America did not facilitate sex-trafficking crimes, this resolution allows us to move forward and provides further closure for the plaintiffs.”

The settlement paves the way for victims abused by Epstein between 2008 and 2019 to receive compensation. This period includes the time after he became a registered sex offender, following a guilty plea in Florida for soliciting prostitution from a minor.

The 2008 conviction resulted in a controversial 18-month sentence, of which Epstein served just 13 months in a county jail.

Bank of America began doing business with Epstein after JPMorgan Chase ceased dealing with him.

Bank of America has agreed to pay $72.5 million to settle a lawsuit brought by lawyers representing hundreds of Jeffrey Epstein’s victims. Brian Moynihan the bank’s CEO is pictured

Epstein pleaded guilty in 2008 in Florida to soliciting prostitution from an underage girl and served 13 months in jail

The lawsuit alleged the bank benefited financially from its relationship with Epstein while overlooking warning signs of abuse. Bank of America said it ‘did not facilitate sex-trafficking crimes’ but chose to settle to resolve the case

Many of his victims were young women, often aspiring models from countries including Russia and Ukraine, according to the complaint. 

The lawsuit detailed the story of one lead plaintiff, an unidentified woman who arrived in the United States from Russia around 2011 at about age 20. 

She alleged Epstein abused her at least 100 times and forced her into what the complaint described as a ‘cultlike life,’ leaving her financially and emotionally dependent on him.

In 2013, Bank of America allegedly opened an account for her at the direction of Epstein’s associates, despite alleged red flags cited in the lawsuit, including her limited English, lack of employment and absence of a clear source of income.

The complaint argued such circumstances should have triggered scrutiny under anti-money laundering and trafficking detection frameworks.

The case also scrutinized the financial dealings of billionaire investor Leon Black, a Bank of America client who transferred approximately $170 million to Epstein through accounts at the bank.

Black has maintained the payments were for legitimate tax and estate planning services. He was not named as a defendant in the lawsuit and was not part of the settlement. A spokesman for Black declined to comment.

The Bank of America settlement follows earlier blockbuster agreements.

JPMorgan Chase agreed to pay $290 million to Epstein victims after providing banking services to him for roughly 15 years, a period that overlapped with what prosecutors say was widespread abuse of teenage girls and young women.

Deutsche Bank, which handled Epstein’s accounts for about five years after JPMorgan cut ties, agreed to a $75 million settlement over similar claims.

Epstein owned two private islands within the US Virgin Islands, including Little St. James  where he infamously brought many young women and girls with the help of convicted accomplice Ghislaine Maxwell

Billionaire Leon Black transferred about $170 million to Epstein through Bank of America accounts but was not named as a defendant

Epstein is pictured with two women whose identities have been redacted in an undated photo released by the US Department of Justice

Epstein’s criminal case ended abruptly in 2019 when he was found dead in his jail cell in New York while awaiting trial on federal sex trafficking charges. Authorities ruled the death a suicide.

Now, years later, the financial institutions that once handled his money continue to face legal and financial consequences.

If approved, the $72.5 million settlement will provide compensation to hundreds of victims while closing another chapter in the sprawling legal fallout surrounding Epstein’s crimes.

The Daily Mail has reached out to Bank of America and Black for comment.