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| 2001 News and Press Releases |
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HEADLINE ARCHIVED:
Bank Of New York Shareholder Suit Dismissed By Judge
By: Christopher Mumma
Bloomberg News. November 28, 2001
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Excerpt: The Bank of New York Co. won a bid to dismiss a federal shareholder lawsuit alleging that 19 senior officials allowed the bank to launder money as it aggressively expanded in Russia in the 1990s. U.S. District Judge Denny Chin dismissed the suit, filed on behalf of company shareholders against the bank. The suit also named Chairman and Chief Executive Thomas Renyi as a defendant. Chin said the lead plaintiffs in the case bought shares of the company in 1998, after the alleged wrongdoing had occurred. Shareholder suits were first filed in 1999 and later consolidated. "The existence of a proper client -- a plaintiff with standing to sue - is not a mere technicality; the absence of a suitable plaintiff is not a deficiency that can be remedied two years after the fact," Chin wrote, in denying a request to add a new plaintiff to the case.
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