Bank of New York

$22.5 Billion Law Suit Settled by Russia and BONY

The Bank of New York Mellon Corporation and Russia's Federal Customs Service has reached a settlement over an impending lawsuit filed in May 2007 of $22.5 Billion. The case saw an out-of0court settlement and under the agreement, Bank of New York Mellon (BONY) will pay Russia $14 Million to cover for trial costs. Although the bank was quick to comment that it admitted no liability.