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Lloyds, Bank of Cyprus Consented to Jurisdiction, Says Justice Department
By Brian Monroe
printMotions to dismiss the $300 million civil suits filed against Lloyds TSB Bank PLC and the Bank of Cyprus on jurisdictional and statute of limitations grounds are without merit, the U.S. Department of Justice said in court filings yesterday. Both institutions are subject to U.S. jurisdiction because Title 18 USC 1956 (b) grants such extraterritorial reach to U.S. courts to deal with violations of the Money Laundering Control Act, according to the Justice Department memoranda. In addition, both institutions signed "Consent of Jurisdiction" letters with the Federal Reserve Board in order to do business in the United States. Justice Department...
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