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| 2001 News and Press Releases |
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HEADLINE ARCHIVED:
Shareholders' Suit Dismissed
The Times Union (Albany, NY). November 29, 2001
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Excerpt: A federal judge dismissed a shareholder lawsuit Wednesday that accused senior officers and directors of the Bank of New York Co. of ignoring warning signs that the bank's Russian business had been infiltrated by organized crime. The suit was filed in September 1999 in the wake of the disclosure that a former bank official took part in a conspiracy to launder billions of dollars from Russia through New York-based accounts at the bank. U.S. District Judge Denny Chin in Manhattan granted the bank's request to dismiss the suit, noting that the plaintiff shareholders didn't buy their Bank of New York stock until July 21, 1998, after most of the alleged wrongdoing occurred. The shareholders had claimed that the bank's managers committed "systematic wrongdoing" in the early and mid-1990s when they sought to expand BONY's banking business in Russia.
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