MOSCOW, March 3 (RIA Novosti) - The Bank...
Russian newspaper Kommersant citing a Russian government source said on Tuesday that the Russian customs authorities are ready to drop their $22.5 billion lawsuit against the Bank of New York Mellon over money laundering claims in exchange for an $800 million compensation settlement.
"We are encouraged to have received a letter directly from the Federal Customs Service suggesting that we meet to discuss a potential settlement of the case," BNY Mellon said in a press release. "We have always been open to reasonable discussions and look forward to speaking directly with the Federal Customs Service about resolving this matter.
Russia's custom services filed the lawsuit in May 2007 after accusing the bank of channeling funds received for exports to Russia in the late 1990s through accounts held at the bank.
"However, any settlement must reflect the meritless nature of the claims brought by the Miami trial lawyers," the statement said.