Posted on 07/08/2008 9:51:50 PM PDT by TigerLikesRooster
'Legal Nightmare' Feared in Russia
Suit Against Bank of New York Mellon May Set RICO Precedent
By JULIE SATOW, Staff Reporter of the Sun | June 30, 2008
http://www.nysun.com/business/legal-nightmare-feared-in-russia/80947/
The final stages of a $22.5 billion battle pitting the Bank of New York Mellon against the Russian Federation will begin today in a Russian court.
Stephen Chernin/Getty
A December 2006 picture of a Bank of New York branch just before the bank acquired Mellon Financial Corp.
The decision in the money laundering suit, which may be handed down as early as this week, could set a precedent for the global application of the Racketeer Influenced and Corrupt Organizations Act, on which the suit is based. The case is troubling some lawyers, who say the Russians are applying the RICO statute piecemeal, and should they win it would be with an unorthodox version of the law that lacks some of the checks and balances used in the American court system. It could also pose risks for American companies other than the Bank of New York Mellon that are operating in Russia or its allied countries.
(Excerpt) Read more at nysun.com ...
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