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Article: Joint Press Release of the Federal Customs Service of the Russian Federation and the Bank of New York Mellon Corporation.
- Article from:
- Investment Weekly News
- Article date:
- November 7, 2009
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The Federal Customs Service of the Russian Federation and The Bank of New York Mellon, advised by Egorov Puginsky Afanasiev & Partners, announced the settlement of the litigation filed by the Customs Service against The Bank in the Moscow City Arbitration Court seeking $22.5 billion in damages.
Following a voluntary withdrawal of the Federal Customs Service's claim against The Bank of New York Mellon, proceedings in the Moscow City Arbitration court have now been terminated and both parties have concurrently reached an out-of-court settlement agreement.
Under this agreement, without admission of liability, The Bank shall pay US$14 million as a ...