Judge Wants Russian Government’s Lawsuit to be Settled Out of Court
Posted: Friday, November 14th, 2008 at 1:48 pm
According to recent reports the judge that is dealing with the £22.5 billion lawsuit by the Russian government against the Bank of New York is calling for the lawsuit to be settled out of court. The judge overseeing the case is Judge Lyudmila Pulova, who suggested at a Moscow court that the case be settled out of court.
The judge stated: “This case is long, it is expensive, you are both facing major expenditures on this … So given the financial crisis that has unfolded it would be wise for you to cut your expenditures by reaching some kind of settlement.”
The lawsuit was filed by the Russian government over the former Vice President of the Bank of New York, Lucy Edwards, helping to smuggle seven billion dollars of cash out of Russia through Bank of New York accounts. However, the bank said that the case is without merit.
Steven Marks, the chief counsel for Russia’s Federal Customs Service, stated: The court has asked a very good question. We have on numerous occasions before the suit was filed and during the process tried to seek a dialogue with the bank. The bank has expressed no interest at that time.”