Topline
Bank of America and Bank of New York “chose profit” over protecting victims of Jeffrey Epstein despite having information on the late convicted sex offender’s sex trafficking operation, two new lawsuits alleged Wednesday, the latest moves made against major banks regarding Epstein’s crimes and what role financial institutions may have played in facilitating or neglecting them.
The lawsuits were filed Wednesday. (Photo by MARK RALSTON / AFP) (Photo by MARK RALSTON/AFP via Getty Images)
AFP via Getty Images
Key Facts
The class action lawsuits filed by a Jane Doe accuse Bank of America and BNY of participating in and financially benefiting from Epstein’s sex trafficking ring.
Doe, who claimed she lived in Russia when she met Epstein in 2011, also alleged opening up a Bank of America account in 2013 under her name at the direction of Epstein’s accountant.
Other bank accounts were opened under Doe’s name and used by Epstein and the accountant, the lawsuit against Bank of America alleges, claiming one account was used as late as 2019, past Epstein’s death in August that year.
The lawsuit claims Bank of America and BNY “knowingly” provided financial support for Epstein and his co-conspirators “under the guise of non-criminal business activities,” accusing the bank of failing “to alert law enforcement as to Epstein’s crimes before it was far too late.”
BNY, which declined to comment, is accused of processing $378 million in payments to Epstein’s sex trafficking victims.
Bank of America had no immediate comment.
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Why Are Epstein Accusers Targeting Banks?
With Epstein’s death in 2019 and Epstein associate Ghislaine Maxwell serving a 20-year prison sentence, banks have become a target of Epstein accusers and victims. The late sex offender’s trafficking operation required extensive financial planning to fund its size and disguise its transactions as legitimate. The latest accusers are likely empowered by settlements JPMorgan and Deutsche Bank reached in 2023 with other alleged victims. JPMorgan settled for $290 million and the latter settled for $75 million over allegations they facilitated Epstein’s sex trafficking ring. Neither bank admitted to wrongdoing.
Tangent
The lawsuits come about a month after House Judiciary Committee Republicans blocked an effort from Democrats to subpoena JPMorgan Chase CEO Jamie Dimon, Bank of America CEO Brian Moynihan, Deutsche Bank CEO Christian Sewing and Bank of New York Mellon CEO Robin Vince as part of an investigation into reports that claimed the four banks flagged $1.5 billion in suspicious transactions linked to Epstein. Dimon attended a lunch with Senate Republicans before the vote, according to Politico, telling reporters, “We regret any association with that man at all. And, of course, if it’s a legal requirement, we would conform to it. We have no issue with that.”
Key Background
Bank of America filed suspicious activity reports in 2020 about $170 million in Epstein-linked transactions, provoking concern from lawmakers that the bank could have violated money laundering laws and processed payments without understanding the nature of the transactions, The New York Times reported, noting it is not uncommon for banks to file suspicious activity reports long after the transactions.
Further Reading
House Judiciary Republicans Reject Vote To Subpoena Major Banks In Epstein Case (Forbes)
Bank of America Sued Over Jeffrey Epstein Ties (WSJ)
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