Jeffrey Epstein estate reaches $35M settlement with victims, subject to court approval
WASHINGTON, DC: The estate of convicted financier Jeffrey Epstein has agreed to pay up to $35 million to resolve a class action lawsuit brought by victims, according to a federal court filing in Manhattan. The proposed settlement, announced on Thursday, February 19, would address claims filed in 2024 against two longtime advisers who served as co-executors of Epstein’s estate.
The agreement requires approval from a US district judge before it can take effect. Attorneys involved said the deal would provide compensation to eligible individuals who have not previously settled claims with the estate.
Terms of the proposed $35 Million settlement
The class action lawsuit accused Epstein’s former personal attorney Darren Indyke and former accountant Richard Kahn of aiding and abetting Epstein’s trafficking activities involving young women and teenage girls. Both men have denied wrongdoing and have not been charged with any crimes. Under the proposed agreement, the estate would pay $35 million if 40 or more individuals qualify as part of the settlement class. If fewer than 40 people are deemed eligible, the estate would pay $25 million, according to the filing.
Boies Schiller Flexner LLP, the law firm representing the victims, revealed the settlement in a brief submitted to the federal court. The firm has previously secured substantial settlements related to Epstein's crimes, including $365 million from JPMorgan Chase and Deutsche Bank, alleging that these institutions failed to act on warning signs regarding Epstein’s activities.
In the 2024 complaint, attorneys claimed that Indyke and Kahn helped establish a network of corporations and bank accounts that allowed Epstein to conceal his misconduct and make payments to both victims and recruiters, all while being "richly compensated" for their professional services.
Daniel H. Weiner, the counsel for the co-executors, stated in an email that neither Indyke nor Kahn "made any admission or concession of misconduct" as part of the settlement. He explained that, since they did nothing wrong, the co-executors were ready to defend against the claims in court. However, they chose to mediate and settle the lawsuit to bring finality to any potential claims against the Epstein Estate. Weiner also mentioned that the settlement would offer "a confidential avenue for financial relief" to victims who have not already resolved their claims.
Broader context and previous compensation efforts
Epstein died in a New York jail in August 2019. His death was ruled a s**cide. Before this proposed agreement, the estate established a restitution fund that distributed approximately $121 million to victims. An additional $49 million has been paid out in separate settlements.
The new settlement follows the recent release by the US Department of Justice of millions of documents, photographs and videos related to the federal investigation into Epstein's crimes. The materials have renewed attention on the scope of Epstein’s activities and the individuals and institutions connected to him.
Both Republicans and Democrats on the Federal Law Enforcement Subcommittee unanimously approved a motion to issue subpoenas to ten individuals, including former President Bill Clinton and former Secretary of State Hillary Clinton (House Committee on Oversight)According to the court filing, the class includes individuals who claim to have been exploited by Epstein between January 1, 1995, and August 10, 2019, the date of his death. Attorneys representing the class are confident that at least 40 victims who have not yet settled with the estate will qualify under the agreement. However, the law firm did not immediately make a public comment regarding the total number of claimants.
