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BONY, Russia Finalize Settlement of $22.5 Billion Lawsuit
By Brian Monroe
printBank of New York Mellon and the Russian government finalized an expected settlement Thursday of a lawsuit that had sought $22.5 billion for tax revenue lost to a money laundering scheme. Under terms of the agreement, the bank paid $14 million to the Russian Customs Service, which had initiated the suit in May 2007, claiming that Russia was owed taxes on $7.5 billion laundered by a rogue bank employee in the 1990s. Bank of New York paid $38 million in penalties to the U.S. Justice Department in November 2005 for compliance troubles relating to the scheme. In addition to the...
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