Bank of America has agreed in principle to settle a proposed class action lawsuit brought by Jeffrey Epstein’s victims ,who accused the lender of aiding the late financier’s sex-trafficking operation, Bloomberg reported. 

The agreement in principle was entered on the docket Monday, although the terms were not immediately disclosed and any settlement would require approval from U.S. District Judge Jed Rakoff in Manhattan, the news organization said. The complaint accused Bank of America of actively concealing “details and evidence concerning its assisting and facilitating Epstein’s sex trafficking”, Bloomberg reported.

The lawsuit was filed in October by the same lawyers who previously obtained settlements from JPMorgan Chase and Deutsche Bank over their ties to Epstein, Bloomberg said. Unlike those earlier cases, which centered on Epstein’s own banking relationships, the case against Bank of America mainly focused on accounts allegedly used by “his co-conspirators, associates and victims,” according to the report.

The suit also alleged that Ghislaine Maxwell, Epstein’s former girlfriend, used accounts at Bank of America, according to Bloomberg. Maxwell was convicted of sex-trafficking in 2021 and is serving a 20-year prison sentence, the report said.

The timing of the agreement is likely to spare Apollo Global Management co-founder Leon Black from a scheduled March 26 deposition in the case, according to the news agency. The plaintiffs said Black transferred $170 million to Epstein from Bank of America accounts, and lawyers for the plaintiffs alleged those transfers were “the primary means by which the sex-trafficking venture was funded and for which there was no apparent business or lawful purpose.” 

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