It marks the third such settlement by a major bank, after JP Morgan Chase and Deutsche Bank agreed to pay out $290m and $75m respectively.

The lawsuit also points to more than $150m paid to Epstein by billionaire Leon Black, co-founder of Apollo Global, for “purported ‘tax and estate planning advice’”, via Black’s Bank of America account.

Black, who stepped down from Apollo amid scrutiny over his ties to Epstein, has denied wrongdoing. He was questioned as part of the case last week.