Lawsuit claims Bank of America ‘bent rules’ for Alex Murdaugh; Bank responds
CHARLESTON, S.C. (WCSC) - A lawsuit has been filed against Bank of America claiming that the company bent the rules and ignored banking customs for Alex Murdaugh in connection to an alleged money laundering scheme.
The lawsuit was filed by Bland Richter, a law firm representing the family of Murdaugh’s former housekeeper Gloria Satterfield whose death led to a settlement that her family says they never received.
Satterfield’s estate subsequently filed a lawsuit, implicating Murdaugh’s involvement in the lost funds, to recover that money.
Lawyers representing Satterfield’s estate released portions of the lawsuit against Bank of America and a statement on Monday. Lawyers allege that Murdaugh partnered with the company to launder money totaling “millions and millions” of stolen dollars.
Bank of America released a statement on the suit early Tuesday morning:
There is no basis for this lawsuit and we are asking the court to dismiss it. Make no mistake, the wrongdoer here was Mr. Murdaugh, and the diversion of these funds occurred away from Bank of America. We had no knowledge of any theft and followed standard procedures in account openings for a sole proprietor business. Additionally, contrary to what the lawsuit claims, South Carolina law allows sole proprietor businesses to open bank accounts with a Social Security number.
Bland Richter said the suit not only involves the Satterfields but other victims of Murdaugh’s whose money lawyers said was taken and deposited in Bank of America.
“Without Bank of America this could not have happened for so long and hurt so many people,” Satterfield’s lawyers said.
The suit states that the company aided and abetted Murdaugh’s financial crimes and money laundering by “flexing their own rules and ignoring banking customs.”
Lawyers allege that Murdaugh engaged in other suspicious banking conduct that Bank of America should have identified. The suit states that Murdaugh issued 17 cashier’s checks to an individual from his Bank of America accounts totaling $164,748.76.
In addition, the lawsuit says Murdaugh transferred “huge sums” of stolen money from his fake accounts to a personal checking account which Murdaugh also established at Bank of America.
“To be clear, BOA made significant fees from Murdaugh’s accounts, presumably loaned money based on his stole deposits and collected interest on the same,” lawyers said in the suit.
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