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Russian Customs Offers $800 Million Settlement in BONY Lawsuit: Report
By Brian Monroe
printRussia has offered to drop a controversial $22.5 billion lawsuit against Bank of New York Mellon in exchange for an $800 million settlement, a Russian financial newspaper reported Tuesday. Russia's Federal Customs Service is attempting to reach an "amicable agreement" on the lawsuit initiated in May 2007, Deputy Head of Federal Customs Konstantin Chaika is quoted as saying in Kommersant. Russia claimed in the suit that the bank prevented it from collecting taxes on $7.5 billion illegally wired out of the country by a rogue employee in the late 1990s. The lawsuit cited U.S. RICO statutes, allowing the plaintiff to...
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