Bank of America, Bank of New York Mellon Sued Over Alleged Financial Links to Jeffrey Epstein
Key Highlights–
- Bank of America and Bank of New York Mellon face lawsuits over alleged financial links to Jeffrey Epstein.
- The lawsuit claims the banks ignored red flags and enabled suspicious transactions linked to Epstein.
- Both banks have denied wrongdoing, with the case reviving scrutiny over Wall Street’s role in Epstein’s network.
A woman who claims she was abused by the late financier Jeffrey Epstein has filed lawsuits against Bank of America and the Bank of New York Mellon (BNY Mellon), alleging the banks knowingly provided financial services that facilitated Epstein’s operations for years.
Lawsuit Targets Major US Banks
Bank of America, the second-largest U.S. bank, declined to comment on the allegations. BNY Mellon did not immediately respond to requests for comment, according to Reuters. The plaintiff, referred to in court pleadings as Jane Doe, is seeking unspecified damages from both financial institutions.
She is represented by law firms Boies Schiller and Edwards Henderson, which previously reached settlements of $75 million with Deutsche Bank and $290 million with JPMorgan in cases tied to alleged Epstein financial involvement.
Congress Probes Epstein Financial Network
Epstein died by suicide in 2019 while detained awaiting trial on charges related to sex trafficking. His death and his connections to powerful figures have kept scrutiny on financial institutions that interacted with him.
The case has become politically charged under Trump’s administration. Furthermore, during his 2024 campaign, Trump pledged to declassify files from the Department of Justice’s investigation into Epstein, but later shifted course, drawing criticism from his base and Congress. The House Oversight Committee is now investigating how banks may have enabled Epstein’s financial infrastructure.
Claims of Suspicious Transfers
Jane Doe claims she first met Epstein in 2011 while living in Russia. Over time, she alleges she became financially dependent on him, and that he abused her and forced her into encounters with others between 2011 and 2019.
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According to the lawsuit, in 2013, Epstein’s accountant, Richard Kahn, directed Doe to open a Bank of America account, through which rent payments and other funds were routed. In 2015, she says Epstein’s team told her she would be added to the payroll of a “sham company” and receive payments through that account. The complaint asserts these transactions should have triggered red flags at the bank, especially given Epstein’s criminal history, including a 2008 Florida conviction for state-level prostitution charges.
Banks Deny Wrongdoing Amid Renewed Scrutiny
The lawsuit against BNY Mellon alleges that the bank extended a line of credit to MC2, a modeling agency Epstein and French model scout Jean-Luc Brunel used in their network. The complaint further states that BNY processed $378 million in payments linked to women trafficked by Epstein. Brunel was arrested in December 2020 and was found dead in prison in 2022, according to French prosecutors.
Both suits claim the banks failed to file Suspicious Activity Reports (SARs) to the U.S. Treasury, reports that, if filed timely, could have alerted law enforcement and curtailed Epstein’s operations earlier.
Legal Experts Weigh In on Financial Accountability
The complaints argue that these banks had a legal duty to flag suspicious transactions under U.S. anti-money laundering laws. Their failure to do so could amount to negligence or complicity.
This new lawsuit echoes earlier cases against big financial players. JPMorgan settled for $290 million in 2023, while Deutsche Bank paid $75 million, both without admitting liability. Legal experts view this case as part of a broader push to hold banks accountable for failing oversight in cases involving high-profile offenders.
If successful, Jane Doe’s suit might set a precedent for how financial institutions are held responsible in similar cases, especially when they handle large-scale, high-risk clients.
Ongoing Fallout from Epstein’s Financial Network
The lawsuits against Bank of America and BNY Mellon underscore the scrutiny financial institutions face over their role in enabling or failing to prevent illicit networks. Whether the courts find them liable or dismiss the claims will have significant implications, not just for Epstein’s legacy but for how banks manage high-risk clients moving forward.
