Bank of New York Mellon (BK)

The Bank of New York Mellon Corporation and The Federal Customs Service of the Russian Federation announced the settlement of the litigation filed by the Customs Service against The Bank in the Moscow City Arbitration.
Proceedings in the Moscow City Arbitration court have now been terminated and both parties have concurrently reached an out-of-court settlement agreement. Under this agreement, without admission of liability, The Bank shall pay $14 million as compensation. The claim, which sought $22.5 billion, was brought by the Federal Customs Service of the Russian Federation in the Moscow City Arbitrazh Court in May 2007.

Oct 22 · 11:07:00 AM · Source: Reuters
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by Michael Oliveto