Bank of America’s $72.5 million settlement to compensate at least 60 survivors of Jeffrey Epstein’s sex-trafficking ring continues to move forward, following preliminary approval from a federal judge and the scheduling of a final hearing for this summer.

A victim identified as BOA Jane Doe claimed the bank ignored clear warning signs of his abuse while profiting from his business.

Following the announcement of a proposed deal for the class-action case on March 27, U.S. District Judge Jed Rakoff gave it preliminary approval Thursday and set the final approval hearing for Aug. 27.

In October, Doe filed the lawsuit against the Charlotte-based banking giant in New York for its relationship with Epstein and his crimes between June 2008 and July 2019. The bank helped Epstein avoid scrutiny from financial regulators while profiting from his business, according to Doe and her lawyers. This includes wire transfers and cash withdrawal services for the sex-trafficking operation.

The bank denied any wrongdoing.

“While we stand by our prior statements made in the filings in this case, including that Bank of America did not facilitate sex trafficking crimes, this resolution allows us to put this matter behind us and provides further closure for the plaintiffs,” Bank of America said in a statement.

Doe’s attorneys had not responded to a request for comment from The Charlotte Observer as of Friday afternoon.

Counsel for the plaintiffs estimates between 60 and 75 people may be claimants in the class action. Doe’s attorney, David Boies, said at least 60 survivors have been identified, according to court records.

“We can’t be sure they will all submit claims, but we also think that there may be some additional ones that we have not actually identified,” Boies said.

Epstein and his associates ran a multistate and international operation that recruited and pressured victims, and arranged sexual abuse at his homes in New York, Florida, and on his private island, federal prosecutors have said. Doe said she was among the victims after meeting Epstein in Russia. She was abused at least 100 times, according to the lawsuit. He was found dead in a New York jail cell in 2019. Epstein’s death was ruled a suicide.

Rakoff acknowledged the gravity of the case during Thursday’s hearing.

“And in this case, while it’s perhaps extremely likely that the victims of Jeffrey Epstein’s monstrous acts can never be fully compensated, the victims are entitled to receive just compensation from any person or entity that knowingly, recklessly, or otherwise unlawfully facilitated his sexual trafficking,” Rakoff said.

On the other hand, Rakoff said it’s not fair to penalize people or entities that were drawn into his “wide orbit” but had no role in assisting or benefiting from his crimes.

“And I mention that because the difference between his facilitators and those who simply chose to try to ingratiate themselves with him is a difference drawn by statute, by law,” Rakoff said. “And, of course, it is the duty of the Court to rigorously apply that law, and that is not forgotten even in the case of a settlement.”

Rakoff thanked both sides for their work during the case and for reaching a settlement, which he said is almost always in the public interest.

“But I do want to just keep everyone on notice that I continue to scrutinize this until the moment of final settlement,” he said Thursday.

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