$5 Million Testimony: Bank
of New York’s Natasha Kagalovsky testifies against BoNY’s opponents in London
June 14, 2002 London. MT~Wire by: Anna Tokmakoff
01/18/2002 The St. Petersburg Times. The suit by Inkombank depositors claims that
bank executives, Russian mobsters and Bank of New York employees systematically
transferred money through the New York-based bank and caused the Russian bank to fail.
IN BRIEF - BoNY Inkombank Case
01/18/2002, The Moscow Times MOSCOW - A U.S. appeals court revived a lawsuit
accusing executives at the Bank of New York of looting assets from Russia's now-defunct
Bank of New York Suit Over Inkombank May Go Forward,
Voreacos, Jan. 16, 2002, Bloomberg -- Bank of New York Co. Inc. has lost a bid to
dismiss a lawsuit alleging that it defrauded three off-shore trusts of $40 million they
invested in Inkombank, a now-defunct Russian bank. The lawsuit alleges that Bank of New
York, a correspondent for Inkombank, knew that the Russian bank laundered money and had
organized crime ties when the trusts tried to withdraw their money in 1996. Bank of New
York hid the wrongdoing and convinced the trusts not to withdraw funds, the suit alleges.
Inkombank, once one of Russia's biggest, lost its license in 1999.
Appeals Court Reinstates
Embezzlement Suit Vs Bank Of NY
By Colleen DeBaise 01/15/2002 Dow Jones News Service. A
federal appeals court reinstated a lawsuit that accuses senior Bank of New York Co. (BK)
officials of looting $1.5 billion in assets from Russia's Inkombank (R.IKB).
Bank of New York
of New York Suit Over Inkombank Reinstated by U.S. Court
01/15/2002, The New York Times A federal appeals court revived a
lawsuit accusing executives of the Bank of New York Company of looting assets from
Inkombank , a Russian bank that is now defunct. The suit by Inkombank depositors claims
that bank executives, Russian mobsters and a few Bank of New York employees systematically
transferred money through the New York-based bank and caused the Russian bank to fail.
By David Glovin Jan. 14, 2002 (Bloomberg) New York, Jan. 14 (Bloomberg) -- A federal
appeals court revived a lawsuit accusing Bank of New York Co. executives of looting assets
from Inkombank, a now-defunct Russian bank. The suit by Inkombank depositors claims that
bank executives, Russian mobsters and a few Bank of New York employees systematically
transferred money through the New York-based bank and caused the Russian bank to fail.
Bank of New York former exec
settles lawsuit against BoNY, will testify against BoNY opponents as part of agreement
Moscow sources say that the Bank of New York and its former senior vice
president, Kagalovsky, settled her lawsuit against the Bank of New York and that BoNY
agreed to allow Kagalovsky to exercise millions of dollars in stock options. According to
sources, she will also get an undisclosed amount from confidential offshore accounts.
However there is a catch: in exchange for the generous settlement Kagalovsky has agreed to
testify on BoNY’s behalf in a lawsuit brought by BoNY shareholders in New York Federal
Court. By letter dated November 6, 2001, BoNY lawyer, Richard Klapper of Sullivan &
Cromwell informed all lawyers involved in the federal lawsuit that “as
part of an agreement entered into last week between the Bank of New York Co., Inc.
(“BNY”) and Natasha Gurfinkel Kagalovsky, Ms. Kagalovsky has agreed to make herself
available for deposition [in the federal lawsuit.]”
Huge obstacles in global search for
terrorist paper trail.
By RICHARD WOLFFE IN WASHINGTON AND JIMMY BURNS IN LONDON.
09/24/2001 Financial Times - FT.com ... according to the Bankers'
Almanac, the banking industry directory, several established banks even have correspondent
relationships with the Afghan central bank, in spite of the pariah status of the Taliban
regime. Da Afghanistan Bank, which also performs commercial bank functions through
branches across the country, has correspondent relationships with Bank of New York
09/21/2001 Financial Times - FT.com Tracking down the financial
networks that support terrorists such as Osama bin Laden will be further complicated by
the fact that - unlike with crime - much of the money is legitimate in origin. The pursuit
of criminal money-launderers has made great strides over the past decade, but the armoury
of weapons available to investigators trying to block the movement of terrorist funds
remains incomplete.... A US Senate sub-committee report in 1999 criticised Citibank, part
of Citigroup, the financial services company, for its role in handling huge sums of money
for Raul Salinas, brother of a former Mexican president. Earlier that year, Bank of New
York was found to have handled more than $7bn of suspect Russian funds.
Stain on Mr. Clean. How a money-laundering indictment in Europe could haunt Putin.
A NEWSWEEK investigation By Mark Hosenball and
Christian Caryl NEWSWEEK 09/03/2001. Vladimir Putin was on the advisory board of SPAG,
suspected by intelligence officials to be linked to the laundering operations of Russian
mobsters and Colombian drug dealers.
seek crackdown on money laundering
WASHINGTON, Aug 3 (Reuters) - A bipartisan group of senators on
Friday introduced legislation to try to crack down on money laundering by corrupt foreign
officials and stem the growing flow of dirty cash into the U.S. financial system. ...
Earlier this year, the panel cited major U.S. banks, including Citibank, Bank of America ,
Chase Manhattan and Bank of New York, for being too quick to open accounts for offshore
banks, too lax in monitoring them and too slow to close them down when problems became
The Bank of New
York internal probe concludes evidence of corruption is "not credible"
New York, July 27 (MT~NewsWire).NEW YORK - Thomas Renyi , Bank
of New York Co. chairman , who is fighting a federal lawsuit claiming he profited from a
US$7- billion money-laundering scheme, was cleared of wrongdoing in an internal bank
investigation, Bloomberg reported yesterday. But troubling questions persist regarding the
bona fides of the internal inquiry conducted by by a so-called "special
litigation committee" (SLC), comprised of BoNY directors under the guidance of a
Washington law firm of Venable, Baetjer, Howard & Civiletti.
U.S. Trust Will Pay
$10-Million Penalty Banking.
07/14/2001 Los Angeles Times LIZ PULLIAM WESTON U.S. Trust
Corp., the blue-blood investment firm owned by Charles Schwab Corp., agreed to pay a
$10-million penalty to regulators for allegedly violating rules designed to prevent money
laundering and other fraud.... ... New York in recent years has increased its scrutiny of
banks and other financial institutions in the wake of federal regulators' allegations that
Bank of New York and other institutions laundered money for criminals.
Russia given deadline for money
laundering fight: Canada supports sanctions after Sept. 30
06/23/2001, National Post ... Russian
mobsters, many with close ties to the government, have worked money- laundering scams for
the past decade by funneling profits from drug-trafficking, prostitution and corruption
into Western banks so they can make the money appear "clean." ... A series of
financial scandals in the 1990s involving the alleged money laundering by Russians of
billions of dollars through the Bank of New York implicated several leading figures.
Russia sees "unpleasant
signal" on cash laundering
By Julie Tolkacheva, 06/22/2001, Reuters English News Service. Russia
said on Friday it had received an "unpleasant signal" from an international
agency which leads a war against money laundering after being threatened by sanctions and
kept on a blacklist. ... Russia and money laundering have often been mentioned in tandem
in recent years, especially after allegations billions of dollars of criminal funds were
sent via the Bank of New York .
U.S. Clamps Down on Money
WASHINGTON (AP) - The United States and its economic allies are giving Russia
and the Philippines until Sept. 30 to crack down on money laundering or face sanctions
that could crimp future business.
Major money laundering trial
opens in Moscow
06/08/2001 BBC Monitoring Moscow City Court has begun hearing
one of the most high-profile criminal cases connected with money laundering. Many major
foreign banks, including the Bank of New York , served as middlemen in transferring the
money abroad. For instance, in the period from October 1997 through March 1998 around 50m
dollars was transferred from Russia via the Bank of New York .
Bush Reviews Money Laundering
By THE ASSOCIATED PRESS June 7, 2001WASHINGTON
(AP) -- The Bush administration is reviewing rules designed to fight money
laundering, saying they may be burdensome for U.S. banks without achieving their goal....
... Combating laundering of illicit money became a major priority in the Clinton
administration, particularly after revelations in 1999 that the Bank of New York, one of
the nation's largest, had served as a conduit for $7 billion in Russian money -- some of
it believed to be from criminal activity.
U.N. wants Russian help in $3
trillion crime fight
06/05/2001 (Reuters) - A top United Nations official said
on Tuesday that up to $3 trillion in criminal cash washed through the world banking system
each year, and urged Russia to speed up measures to fight it. ... Russia's international
reputation has been sullied by financial scandals ranging from alleged laundering by
Russians of billions of dollars through the Bank of New York to more recent charges
against former Kremlin aide Pavel Borodin.
Putin hosts talks aimed at cleaning
up money trade: Russia is both victim and perpetrator of illicit industry
Bernard Besserglik 06/04/2001 National Post ST.
PETERSBURG - Vladimir Putin, the Russian President, will open an international conference
on money laundering tomorrow aiming to crack down on a global industry in which Russia is
both a leading player and principal casualty. ... A series of financial scandals in the
1990s involving the alleged money laundering by Russians of billions of dollars through
the Bank of New York implicated several leading figures, and this year a former Kremlin
aide, Pavel Borodin, was charged with the same offence by Swiss prosecutors.
Bank of New
York Lawyers Subpoena Reporter’s Bank Records
May 18, New York (MT~Newswire)
Last week BoNY lawyers served subpoenae on banks demanding account statements and
credit card records of Maria Berdnikova, a reporter who covers the Bank of New York -
Russian money laundering scandal for various print and broadcast media, including the MT.
Has Dirty Money Polluted BNY?
Kelly Patricia O'Meara 05/07/2001 Insight Magazine Last year
Thomas Renyi , chairman of the board and chief executive officer (CEO) of the Bank of New
York (BNY) received more than $20 million in salary and other compensation for his
management of the nation's oldest financial institution. This represents a more than 50
percent increase from what Renyi received in 1999 - the year in which he was called to
testify before the House Banking and Financial Services Committee regarding allegations
that BNY was involved in laundering at least $7 billion from what law-enforcement
officials have described as dubious financial institutions and other entities in the
former Soviet Union.
05/08/2001(MT~Newswire) Inkombank's insolvency was premeditated
said Rosbank president Michael Prokhorov testifying before the Russian Parliament's (Duma)
Committee on Bankruptcy and Restructuring of Credit Institutions. Prokhorov heads
Inkombank's creditors committee. According to Prokhorov, Inkombank's management removed
from the bank's balance and secreted approximately US$ 1 billion.
A Clear and Present
Australian Broadcasting Corporation. Four
Corners. Broadcast: 14/05/01. It's been called the greatest theft
ever. In the past decade between $200 billion and $500 billion has been gouged from the
Outlook; Washington Whispers. 04/30/2001 U.S. News
& World Report Remember the Bank of New York money- laundering scandal, with
allegations of $7 billion in Russian mob money landing in U.S. accounts? After nearly two
years, the probe has stalled. Why? Because the Kremlin won't help, FBI brass say. Despite
being led by the hand, Russian G-men have failed to find a criminal link to a single ruble
out of 280,000 suspect transactions from three banks under investigation.
Russia finally joins world
pact against dirty cash
By Daniel Mclaughlin 04/25/2001 Reuters English News Service (C) Reuters
Limited 2001. MOSCOW, April 25 (Reuters) - Russia finally ratified a global
treaty on money laundering on Wednesday, a decade after its creation and under Western
pressure to clean up the banking sector and escape a blacklist of financially murky
nations. ... ... Financial scandals battered Russia's reputation in the late 1990s,
ranging from alleged laundering by Russians of billions of dollars through the Bank of New
York , to more recent charges against President Boris Yeltsin's former aide Pavel Borodin.
drawn into Russian metals lawsuit
04/22/2001 Sunday Times - London News International BARCLAYS
BANK could be drawn into a multi-billion-pound legal action in America involving some of
Russia's most powerful businessmen and accusations ranging from murder to money laundering
. ... ... Among the other organisations subpoenaed last week were Kroll Associates,
corporate investigators, and First Union National Bank and Bank of New York .
Through the wringer: The
challenge of money laundering : Banks are doing more than ever before to clamp down
on money laundering . But is it enough?
04/14/2001 The Economist . The revelation in 1999 that the Bank of
New York had become a conduit for billions of dollars of suspect Russian money drew
attention to an arguably more serious issue, the use in money laundering of
"correspondent banks" - banks that have their own account at another bank. Dirty
Russian money was washed through the Bank of New York 's systems via its correspondent
banks, including one called Inkombank.
2 Accused of Fraud Using Shell
By GRETCHEN MORGENSON; 04/06/2001 The New York Times Chipping away
at the wall of secrecy surrounding the operations of offshore banks, Robert M. Morgenthau,
the Manhattan district attorney, announced the indictment yesterday of two prominent
lawyers on charges that they helped orchestrate an international stock fraud operating in
New York and Britain. ... According to Mr. Morgenthau, Mr. Creggy also set up shell
companies in the Isle of Jersey for people laundering Russian money in the Bank of New
York in a case that broke in 1999.
back to the top
Bank of NY's Renyi got $12.1
million bonus in 2000.
03/20/2001 Reuters English News Service NEW YORK, March 20 (Reuters)
- Bank of New York Co. Inc. paid its chairman and chief executive, Thomas Renyi, a $12.1
million bonus last year, more than double his 1999 bonus, as the regional bank's annual
profits rose 15 percent.
Witness in the Bank of New York Case Attacked
MT~Wire By Maria BERDNIKOVA March 15, New
York A Russian witness who traveled to New York to testify in the case of
BoNY shareholders against its management ended up in the hospital shortly after return to
SEC To Mull Wall St Money Laundering
WASHINGTON -(Dow Jones)- The Securities and Exchange Commission plans to step up
efforts to ensure Wall Street has procedures in place to combat money laundering .
... The vulnerability of the U.S. financial system was highlighted by the disclosure
in 1999 that $7 billion in suspicious Russian funds had moved through three accounts at
Bank of New York Co.
Banker Told to Submit Records
March 2, 2001 The New York Times (By BLOOMBERG
NEWS) A federal judge has ordered the chairman of the Bank of New York Company,
Thomas A. Renyi, to surrender telephone records, tax returns and credit card statements in
a lawsuit by shareholders that accuses him and 18 other officials of roles in a money
Bank of New York's Renyi Told to Surrender Phone, Tax Records
By David Glovin New
York, March 1 (Bloomberg) -- The Bank of New York Co.'s chairman Thomas Renyi has
been ordered by a U.S. judge to surrender telephone records, tax returns, and credit card
statements to lawyers suing him and 18 other officials over their alleged role in a
massive money laundering scheme.
J.P. Morgan Chase, Others Are
Criticized Over Correspondent-Banking Standards.
By PAUL BECKETT Staff
Reporter of THE WALL
STREET JOURNAL February 28, 2001 NEW YORK -- J.P. Morgan Chase
& Co., Bank of America Corp. and Bank of New York Co. responded sloppily to warnings
that two Caribbean correspondent-banking clients were involved in suspicious activity
during the 1990s, according to a Senate staff report.The report called the responses a
further sign of lax controls at U.S. banks.
U.S. Senate investigators
on Wednesday faulted several major U.S. banks
02/28/2001 Reuters English News Service U.S. Senate investigators on Wednesday
faulted several major U.S. banks for failing to pay enough attention to accounts they held
for foreign counterparts allegedly linked to money laundering and other crimes.
GAO Is Probing Wall Street's
Programs That Guard Against Money Laundering
February 12, 2001 By PAUL
BECKETT Staff Reporter of THE WALL STREET JOURNAL. What is Wall Street
doing to guard against money laundering? That's what U.S.
Senate staff investigators -- fresh from releasing a study that showed U.S. banks have
been used by foreign and offshore banks to move large sums of dirty money through the U.S.
financial system -- want to know. ... The vulnerability of the U.S. financial system was
highlighted by the disclosure in 1999 that $7 billion in suspicious Russian funds had
moved through three accounts at Bank of
New York Co.
The vulnerability of the U.S. banking system has been a concern since a scandal
involving about $7 billion in suspicious Russian funds that moved through three accounts
at Bank of New
York Co. came to light in 1999. ... The new report
suggests such concerns are far from limited and raises questions about the ability of
banks to control the billions of dollars that flow through them electronically each day.
Banks Vulnerable to
By REUTERS 02/05/2001 . The investigation was launched after
the Bank of New York (BK.N) was caught up in a probe of alleged money laundering by
suspected Russian mobsters and businessmen, spurring concern about U.S. banks' role in a
growing global problem. Attempts to tighten U.S. money laundering rules during the last
Congress foundered amid opposition from the banking industry and privacy concerns, but the
effort is likely to be renewed this year.
Caribbean Governments Close Suspect
Foreign-Owned Financial Institutions
02/21/2001 KRTBN Knight-Ridder Tribune Business News: The Miami Herald -
Florida Investigators say British Bank of Latin America is a case study of what
happens when an offshore bank and major U.S. correspondent bank -- in this case, Bank of
New York -- fail to guard against Colombian money laundering. U.S. banking regulators said
British Bank of Latin America received $1.57 million that was wired--at the instruction of
drug traffickers--to the bank's correspondent account at the Bank of New York during
Operation Casablanca, a money laundering sting conducted by the U.S. Customs Service from
1995 to 1998. During Operation Juno, another money laundering sting, U.S. indictments also
referred to $1.1 million in drug proceeds sent to the bank.
More spies in Russia
01/15/2001 Business Week Russia, already known for its ample
supply of intelligence operatives, looks set to increase those ranks with the
establishment of a new agency aimed at combating rampant money laundering , tax evasion,
and other financial crime.
In His First Days, Bush Plans
Review of Clinton's Acts
New York Times By DAVID E. SANGER and FRANK BRUNI CRAWFORD,
Tex., Jan. 12 [President-elect] Bush was dismissive of the Clinton administration's
eight-year-long use of direct financial aid to Russia, part of a broad Western effort to
coax the country toward a market economy. He suggested he would try to stop the money —
except for that used to dismantle nuclear weapons — until Vladimir V. Putin, the Russian
president, cleaned up corruption and enacted far-reaching economic and legal reforms.
groups rethink approach to Russia, take tougher stance: Reduce commitments
01/06/2001 National Post The fading memory of the
collapse of communism, disillusionment over the slow pace of progress, and recent scandals
including allegations of money laundering through the Bank of New York and Russia's
campaign in the breakaway republic of Chechnya and cultivation of "pariah
states" have done much to reduce the appetite for increased support.
Global Money Launderers
December 22, 2000 New York Times. America's security is
threatened by the spread of international crime cartels, a dark side of globalization. A
valuable new White House report documents how the collapse of the Soviet Union, the
lowering of trade barriers and advances in telecommunications have increased the reach of
crime syndicates, from Russia and Eastern Europe to Asia, Latin America and the
diamond-rich war zones of Africa... ...In the wake of the Asian and Russian financial
crises and last year's Bank of New York scandal, in which Russian oligarchs moved billions
through accounts at the bank, the Group of 8 industrialized countries started a campaign
to "name and shame" countries that were lax about laundering.
Bank of New York Loses Yet
Another Round In Court
NEW YORK, DECEMBER 18 (MT) – A decision and order filed on
December 15 in the Supreme Court of the State of New York denied BoNY’s request to halt
BoNY shareholders' investigation into alleged corruption and money laundering by BoNY’s
in Bank of New York Case Concludes Charges are not Frivolous
DECEMBER 13, 2000 (MT) –
Today US District Judge Denny Chin once again denied BoNY’s request to halt BoNY’s
shareholders investigation into alleged corruption and money laundering by BoNY’s
highest management. Judge ruled that the “substantial charges” against BoNY have
been supported by “detailed factual allegations” and are “nonfrivolous.”
To Sign U.N. Crime Treaty
Dec. 11, 2000 (AP) Russia said Monday it
will sign a United Nations treaty aimed at combatting international crime, including money
laundering and trafficking in women for prostitution. The treaty also includes measures to
protect witnesses who testify against crime groups and holds multinational companies
liable if implicated in money laundering cases.
World Bank Investigators Suppressed Evidence of the Bank of New York Abuses Involving Aid
to Russia? (MI-PP-8134)
Citibank laundering claim
12/10/2000 The Independent - London JAMES CRUICKSHANK IN NEW YORK.
The lapses in compliance and monitoring in the company's Citibanking unit have come to
light at a time of heightened sensitivity over Russian fund transfers through US banks
because of the money- laundering investigation into about $7bn in Russian funds
transferred through accounts at Bank of New York . That was revealed last year when the
Russians asked the FBI for help in tracing $300,000 in ransom money from a kidnapping
which led to the money- laundering operation at the Bank of New York
12/10/2000 ... last year's Bank of New York
money- laundering scandal, which rocked the financial world, washed $7 billion... ...The
recent Bank of New York scandal revealed not only the latest techniques in money
laundering but also the critical role a tiny nation like Nauru can play. The scheme was
designed by Russian bankers but was run by a married couple in New York -- Peter Berlin
and Lucy Edwards, a vice president of the Bank of New York . (Edwards was born Ludmilla
Pritsker in Leningrad.) Beginning in Moscow, two established banks, Sobinbank and MDM,
opened two separate banks -- Depozitarno-Kliringovy Bank, or DKB, and Flamingo Bank -- to
serve as the conduits for fleeing funds
Weekly Financial Update --
Citigroup Concedes Lapses in Transfer of Russian Funds
12/01/2000 Dow Jones Business News. Citigroup Inc. is
acknowledging lapses in its U.S. branch-banking operations that allowed about $725 million
in questionable Russian funds to flow through more than 100 accounts from 1991 to this
year, much of which went to offshore banking havens.
GAO Cites Bank Lapses,
11/30/2000 Los Angeles Times WASHINGTON -- Financial services
giant Citigroup Inc. and Commercial Bank of San Francisco violated control rules and
allowed about $1 billion in possibly illicit Eastern European money to move through their
accounts, congressional investigators say.
Grows in Laundering of Money
New York Times By RAYMOND BONNER,
WASHINGTON, Nov. 29, 2000. A Congressional inquiry has found that it is
"relatively easy" for foreigners to hide their identities and form shell
companies here that can launder money through American banks.
Swiss Raise Sum in Bank Case,
to $500 Million
New York Times, November 15, 2000; By ELIZABETH OLSON. An
investigation has turned up evidence that $500 million, far more than previously believed,
was transferred to Swiss banks from accounts at the Bank of New York as part of a Russian
plot to avoid taxes and launder money.
NY/Suit -2: Seeks $40M Plus Interest, Fees
11/15/2000 Federal Filings
Newswires -- Bank of New York (BK) is being sued by three alleged shareholders of
Joint Stock Bank Inkombank , according to the company's most recent quarterly report
filed with the Securities and Exchange Commission.
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Laundering of Russian funds
through Swiss banks "far larger" than thought
11/14/2000, BBC Monitoring. The size of Russian funds laundered
through the Bank of New York , and transferred through Swiss accounts, has turned out to
be far larger than previously reported. During a seminar on corruption, Geneva judge,
Laurent Kasper-Ansermet, revealed...
Bank of New York,
Renyi, Lose Bid to Dismiss Shareholders' Suit
New York, Nov. 28 (Bloomberg) -- The Bank of New York has
lost a bid to dismiss a suit alleging that 19 senior officials allowed the bank to launder
money as it aggressively expanded in Russia. U.S. District Judge Denny Chin on Nov. 13
refused to dismiss or suspend the suit, which names the bank's chairman and chief
executive Thomas Renyi as a defendant. Bank lawyers had asked Chin to permit the bank's
special litigation committee to complete an internal investigation of whether the suit had
Judge Doubts the
Bank of New York can Investigate Itself
NEW YORK, NOVEMBER 13 (MT-WIRE) – Today
federal judge Denny Chin denied BoNY request to stay the lawsuit brought by BoNY
shareholders against its management to give BoNY’s directors time to investigate
allegations of wrongdoing by BoNY’s management on their own. Noting that there is a
“substantial question” whether BoNY’s newly formed “special litigation committee
(SLC)”, commissioned to investigate shareholders’ allegations, is truly independent
and disinterested, judge Chin wrote in his decision: “it is difficult to imagine that
the SLC will reach any conclusion other than that the [shareholders’] complaint lacks
Lawyers Argue in Court that Russian Justice Ministry is not a Government Body
Moscow Telegraph, November 10,
2000. by: Rod DOZOROV in Moscow and Andy LIGHT in Washington. New
York, (MT-Wire) Bank of New York lawyer, Richard Klapper, submitted an affidavit in
New York federal court stating that the Ministry of Justice of Russia is in reality a
"bar association", not an agency of the Russian Government.
The Bank of New York Management
Attacks Director of American Russian Law Institute
09/12/2000 (Moscow Telegraph) Moscow Telegraph,
New York -- Confronted with allegations of massive corruption and negligence of
BoNY’s senior management, asserted in the lawsuit of BoNY’s shareholders against the
Bank directors, BoNY’s seniors endeavored a peculiar spin -- blaming their trouble on
ARLI Director, Emanuel Zeltser
Bank of NY Suit Proceeds in NYS Court
May 30, 2000 law.com The New York Supreme Court need not stay
litigation stemming from money-laundering charges against the Bank of New York because
there is a pending federal case asserting the identical claims, a Manhattan Supreme Court
justice has ruled.
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