Two of the United States' largest financial institutions, Bank of America and Bank of New York Mellon (BNY), are once more being confronted with significant allegations. New legal actions allege that these banks kept providing services to Jeffrey Epstein, a registered sex offender, and did not report any unusual financial transactions associated with him until after his passing in 2019.
New legal proceedings were initiated in federal court representing women who claim they were mistreated by Epstein. These women assert that Epstein's trafficking network could not have functioned without the financial infrastructure that supported it. The lawsuits state that the banks provided Epstein and his associates preferential treatment, ignoring transactions that should have triggered concerns.
Every legal action is pursuing monetary damages, though the specific figures remain undisclosed. The women allege that the banks profited from Epstein's operations while turning a blind eye to clear indications of misconduct.
Inside the Lawsuits
In one instance, a woman known asJane DoeAlleges that Bank of America was directly involved in processing transactions for Epstein's network. She stated that she was abused between 2011 and 2019, and that Epstein's accountant assisted her in opening a bank account at Bank of America in 2013. As per the complaint, Epstein transferred approximately $14,000 into the account and kept using it for several years after that.
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A second legal action is directed at Bank of New York Mellon. It alleges that the bank had connections with MC2, a modeling agency reportedly managed by Epstein and French model scout Jean-Luc Brunel. The documents indicate that BNY accounts were utilized to transfer funds that aided Epstein’s trafficking activities. Brunel was taken into custody in 2020 on charges related to sex trafficking but passed away while in detention in 2022.
Attorneys Brad Edwards and David Boies, who have advocated for numerous victims of Epstein, are spearheading these latest legal actions. They were also involved in previous lawsuits against JPMorgan Chase and Deutsche Bank, which resulted in significant settlements in 2023.
Edwards stated in a statementit was disappointing that more banks had not voluntarily compensated victims, noting that justice for survivors should not require lawsuits and congressional investigations.
Both Bank of America and BNY have not provided any statements regarding the ongoing lawsuits.
What the Records Reveal
The legal actions come following Congress receiving a list from Epstein's estate that names over 20 banks which managed his accounts throughout the years. Media reports suggest that some of these financial institutions kept working with Epstein after his 2008 conviction for soliciting minors.
In the United States, banks are legally obligated to identify and report unusual transactions to the government using "Suspicious Activity Reports," also known as SARs. These reports serve to deter money laundering and other financial crimes. Nevertheless, officials claim that numerous banks only submitted SARs following Epstein's arrest in 2019, well after warning signs should have been noticed.
Senator Ron Wyden, a prominent member of the Senate Finance Committee, stated that several financial institutions filed their suspicious activity reports far beyond the required deadlines. He noted that this delay casts doubt on how these significant transactions remained undetected.
Subsequent documents revealed that Bank of America recorded approximately $170 million in transactions between Epstein and wealthy investor Leon Black, but this was only after Epstein had passed away. In the meantime, BNY Mellon reportedly identified $378 million in suspicious transactions linked to Epstein's accounts.
These disclosures have sparked renewed public frustration regarding how financial entities did not take action, even after multiple alerts and inquiries about Epstein's behavior.
Background of Earlier Settlements
The Epstein controversy has already led several of the world's biggest banks to settle with significant financial penalties. JPMorgan Chase and Deutsche Bank both came to terms with victims in 2023. JPMorgan paid $290 million, while Deutsche Bank paid $75 million, although neither bank acknowledged any fault.
These settlements followed lawsuits that claimed the banks benefited from Epstein's wealth while overlooking red flags regarding his criminal activities. Now, these latest cases against Bank of America and BNY Mellon may result in increased examination of how major financial institutions managed one of the most notorious individuals in recent U.S. criminal history.
Besides the legal actions, the House Judiciary Committee has requested responses from the chief executives of the four largest banks—BNY Mellon, Bank of America, JPMorgan, and Deutsche Bank. Legislators are seeking to understand how Epstein and his associates were able to transfer over $1.5 billion in questionable transactions without prompting earlier warnings.
Many survivors and activists view the increasing number of legal actions as more than just a quest for damages; it's also a movement to make influential organizations responsible for overlooking alerts in their pursuit of financial gain.