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$22.5 Billion Suit Against Bank of New York Should Be Resolved by July, Russian Agency Says
By Brian Orsak
printLawyers representing the Russian customs service expect a $22.5 billion lawsuit against Bank of New York Mellon over its alleged role in a money laundering scheme to be resolved by July. The customs service sued the bank in May 2007, seeking compensation for tariffs it claims were lost after a rogue Bank of New York employee illegally wired more than $7 billion out of Russia as part of a money laundering operation. The Russian government is seeking three times the laundered amount as compensation for the lost tariff revenue under the U.S. Racketeer Influence and Corrupt Organizations Act (RICO). Lawyers...
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