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BONY Settles $22.5 Billion Russian Lawsuit by Paying ‘Nuisance Figure’
By Brian Monroe
printThe Bank of New York Mellon settled a $22.5 billion civil lawsuit brought by the Russian government for the actions of a rogue bank employee who laundered billions of dollars, according to a statement issued Wednesday by Russia's finance minister. The bank agreed to pay $14 million to end the suit, which was pursued by Russia to recover tax money it claimed it was owed and penalties based on the U.S. Racketeer Influenced and Corrupt Organizations Act (RICO). The settlement was characterized by the Russian government as lawyers' fees. Bank of New York also agreed to reinstitute a $400 million...
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