BoNY Sends Lawyer to $23Bln Trial

[CHIMO]

Source: The Moscow Times

A legal representative for Bank of New York Mellon will appear for the first time in court to defend the bank against allegations as a $22.5 billion money-laundering case resumes Monday.

The Federal Customs Service filed the lawsuit with the Moscow Arbitration Court in May -- against the backdrop of chilling relations with the United States -- but has taken a long time to present the bank with proper notification.

The case concerns transactions in which Russian banks wired money to BoNY accounts of U.S.-registered firms in circumvention of Russian currency controls in the 1990s. BoNY's failure to prevent the deals, the customs service said, amounted to money laundering.

The bank has dismissed the case as being without merit and vowed to defend itself vigorously.



Read more: http://www.themoscowtimes.com/stories/2008/01/14/041.html

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Funny. Words like "vowed" don't seem to indicate much to me in legal terms.

[Rabrrrrrr]

1. That's because "vowed" isn't a legal term. Note that they didn't use it in a legal sense.

It's a silly word to point out from this article. What would you prefer - that they make an "ambiguous pseudo-assertion to sort of defend themselves"?

Sheesh.

:shrug:

[seemslikeadream]

2. $22.5 billion

I'm sure they're vowed

[defendandprotect]

3. Somehow or other half the drug money is being laundered thru our NY banks --- !!!