A U.S. district court judge in Manhattan has allowed parts of a proposed class action brought by an Epstein accuser to continue against Bank of America, while dismissing a parallel suit against Bank of New York Mellon.
U.S. District Judge Jed Rakoff on Thursday ruled that accusers may pursue two claims against Bank of America - the second-largest U.S. bank - that it knowingly benefited from Jeffrey Epstein’s sex trafficking and that it obstructed enforcement of the federal Trafficking Victims Protection Act. At the same time, Rakoff rejected four other causes of action that had been leveled at the bank.
The four dismissed claims included allegations that Bank of America participated in and aided Epstein’s sex trafficking, that it negligently failed to protect victims, and that the bank provided "non-routine" banking services to Epstein in violation of duties alleged in the complaint.
Bank of New York Mellon, the world’s largest custodial bank, prevailed in having all six claims in the complaint against it dismissed, Rakoff said. He indicated he will publish a written opinion explaining his reasoning on or before February 13.
Case background and court schedule
The lawsuits were filed in October by a Florida plaintiff identified as Jane Doe on behalf of herself and other accusers. The complaint alleges that both banks continued to do business with Epstein despite public awareness of his misconduct, and that they prioritized profits over protecting victims. The plaintiff's legal team said that, by maintaining banking relationships with Epstein until his arrest in July 2019, the banks knowingly aided his activities.
A trial involving Bank of America is set to begin on May 11, according to the court docket noted in the decision.
Reactions from the parties
Bank of America issued a statement expressing satisfaction that the scope of claims against it had been narrowed, adding: "We look forward to a full review of the facts." Bank of New York Mellon said the dismissal "reinforces that BNY had no involvement in Epstein’s crimes."
David Boies, an attorney for the plaintiff, said he anticipates the Bank of America trial and intends to appeal the dismissal in the BNY Mellon case.
Allegations, prior settlements and context in the litigation
The complaint against Bank of America reiterated previously publicized allegations about Epstein’s financial and social ties to prominent figures. The suit against BNY Mellon included an assertion that the bank processed hundreds of millions of dollars in wire transfers on Epstein’s behalf. Both complaints further alleged failures to file timely suspicious activity reports with the U.S. Treasury Department.
Earlier litigation by the plaintiff’s lawyers produced settlements in 2023 with two of Epstein’s former banks: a $290 million settlement with JPMorgan Chase and a $75 million settlement with Deutsche Bank. Neither bank admitted wrongdoing in those settlements, which were approved by Judge Rakoff.
Jeffrey Epstein died in a Manhattan jail cell in August 2019 while awaiting federal sex trafficking trial. New York City’s medical examiner ruled the death a suicide.