00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Bank of America agreed to settle a proposed class action lawsuit filed by Jeffrey Epstein victims
00:07who accused the bank of aiding Epstein's sex trafficking, according to Bloomberg.
00:11The agreement in principle appeared on Monday in the court docket.
00:15Terms were not disclosed and must be approved by U.S. District Judge Jed Rakoff in Manhattan.
00:20The lawsuit, filed in October by lawyers who previously secured settlements with J.P. Morgan
00:25and Deutsche Bank, focused on accounts allegedly used by Epstein's associates and victims.
00:30Apollo Global Management co-founder Leon Black transferred $170 million to Jeffrey Epstein
00:36from B of A accounts, which lawyers for the victims claim funded Epstein's sex trafficking
00:41venture.
00:42Rakoff dismissed several claims against B of A in January, but allowed victims to pursue
00:47claims that the bank knowingly benefited from Epstein's conduct and obstructed enforcement
00:51of the federal sex trafficking statute.
00:53A spokesman for Leon Black declined to comment.
00:56Black has denied wrongdoing and was not named as a defendant in the case.
01:00For all things money, visit Benzinga.com.
Comments