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Bank of New York Says Adverse Ruling in $22.5 Billion Russian Laundering Case Unenforceable
By Brian Orsak
printThe Russian government will not be able to enforce any ruling against the Bank of New York Mellon in a $22.5 billion lawsuit over alleged fraud and money laundering, bank executives said today. The Russian Customs Service sued the bank under U.S. law, the Racketeer Influence and Corrupt Organizations Act (RICO), in May for unpaid tariffs after a rogue bank employee helped transfer more than $7 billion out of Russia through illicit wire transfers. The case is being heard in a Russian court. The bank has said Russia's claims that it is responsible for the laundering are not valid. On...
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