The Russians are (still) suing - $22 billion dollars worth of suing.

Details via The New York Sun. And...the background.



-- MDT

Labels: Bank of New York

The Daily Caveat has been waiting for a good opportunity to jump in on the various alleged Spitzer administration-related investigations. I am sure that many - though not I - are currently looking fondly on the former New York Attorney General's misfortune. If you've been as lax in following this stuff as I have, please by all means make use of the New York Times' primer.

-- MDT

Labels: Bank of New York, Darren Dopp, Eliot Spitzer, investigation, Joseph Bruno, William Howard

As you'll read in this Pittsburgh Tribune-Review article, some are saying that the BNY / Russia money laundering litigation is a serious enough concern that it could disrupt the planned merger of these two financial heavyweights.

We'll know soon enough what the impact will be, as Mellon shareholders are set to meet this very morning in the 'Burgh. The $17 billion merger with BNY was expected to be complete in July.

We'll see if that timeline holds...

-- MDT

Labels: Bank of New York, Mellon, money laundering, Russia

In a suit filed on Thursday, Russia alleges that between 1996 and 1999 Bank of New York took part in a money laundering scheme that cost the Russian federation $22.5 billion dollars. This is not exactly a new story for Bank of New York, which has seemingly been involved in one Russian money laundering scandal or another for most of the last decade. Forbes provides a quick list of these past issues and the AFP offers a response to the case from BNY.

For a thorough run down of the intersection of BNY, Russia and scandal, try Russianlaw.org, which seems to relish these things.

-- MDT

Labels: Bank of New York, lawsuit, money laundering, Russia