Alexa

Bank of New York Mellon, Russia mull settlement

Bank of New York Mellon, Russia mull settlement

Russian authorities and the Bank of New York Mellon will this week discuss a possible settlement of the $22.5 billion case filed by the country's customs service against the bank.
A Russian judge on Tuesday adjourned hearings in the case until April 14 at the customs service's request so that settlement talks could be held.
The case stems from a decade-old scandal in which a bank vice president and her husband were accused of illegally moving $7.5 billion of Russian money into accounts at the bank, before sending the money to accounts worldwide.
In a highly unusual move, Russia brought the case under U.S. law used to fight organized crime. The law allows claimants to seek up to three times the amount of the estimated damages.


Updated : 2021-03-06 12:30 GMT+08:00