Venture Capital
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� Bank of America to pay $72.5M in Epstein case settlement
Bank of America agreed to pay $72.5M to settle a lawsuit filed by women who said they were victims of Jeffrey Epstein’s trafficking operation. The deal was filed in federal court and awaits approval on April 2.
The lawsuit claimed the bank provided financial services to Epstein and his network while ignoring warning signs, including delayed reporting of suspicious activity. Bank of America denied wrongdoing but chose to settle.
The case covers victims between 2008 and 2019. Lawyers may take up to 30% of the fund, with the rest distributed among claimants.
The payment is small relative to the bank’s profits, but closes its exposure to Epstein-related litigation.
@venture
Bank of America agreed to pay $72.5M to settle a lawsuit filed by women who said they were victims of Jeffrey Epstein’s trafficking operation. The deal was filed in federal court and awaits approval on April 2.
The lawsuit claimed the bank provided financial services to Epstein and his network while ignoring warning signs, including delayed reporting of suspicious activity. Bank of America denied wrongdoing but chose to settle.
The case covers victims between 2008 and 2019. Lawyers may take up to 30% of the fund, with the rest distributed among claimants.
The payment is small relative to the bank’s profits, but closes its exposure to Epstein-related litigation.
@venture
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