Home Add to Favorite Contact Submit  
           28 March, 2024


    
Category:  Press » Legal

 

Bank of New York Flip-Flops Position on Russian Legal System

Popularity:
         Views: 2358
2008-07-02 08:16:48     
Podhurst Orseck, P.A.

Attorneys representing the Russian Federal Customs Service said today that the Bank of New York's (NYSE: BK) comments on the Russian legal system were both condescending and inconsistent with the Bank's own prior position on the jurisdiction of the specific court in which the case involving the Federal Customs Service's US$22.5 billion claim is being heard.

In the Bank of New York's June 30, 2008 press conference in Moscow, Bank of New York Vice-President Mathew Biben chastised the Russian legal system, telling the Russian public that even if a Moscow Arbitration Court ruled against the bank, the judgment would be disregarded by the bank and could not be enforced in any country throughout the world.

The Russian Federal Customs Service lead U.S. attorney, Steven C. Marks with Podhurst Orseck, challenged the Bank of New York's position, saying, "It is an affront to the Russian government to suggest that its judgments have no validity around the world. Russia is not a third world country. It is one of the leading economic powers in the world. Moreover, the Bank of New York has the audacity to suggest that all 90 countries where it operates will snub it? This type of arrogant disrespect, from a foreign company that is earning billions of dollars in Russia, is an embarrassment."

"The Bank of New York is attempting to intimidate the Court by linking President Medvedev's pledge to improve the Russian judiciary to the outcome of this case. This is an absurd argument because the Bank of New York has already admitted to criminal money laundering in the United States. There is nothing inconsistent in a Russian court arriving at the same conclusion as did the U.S. Department of Justice," added Marks.

The bank also questioned the impartiality of the Russian judicial system, a position inconsistent with its own related RICO case, Pavlov v The Bank of New York. In that case, the Bank of New York argued that the Moscow Arbitration Court - which is hearing the present case - would be a better forum in which to decide the RICO claims Bank of New York then faced. The Bank asserted "[t]he Russian courts are clearly an adequate, available and much more convenient forum for the resolution of this dispute."

Bank of New York stipulated that the Moscow Arbitration Court was fair, impartial and that Bank of New York would not contest enforcement of any final judgment handed down by the Russian court.

"It is a total contradiction to ask for a RICO case to be transferred to this Russian Court at one time, and now to object to that court hearing this RICO case," Marks said. "As to impartiality, this court has shown unusual patience and tolerance for the many procedural and technical matters raised by the Bank of New York."

For additional information on this matter, please visit http://www.russianbanksuit.com.

Media Contact:

Amy Federman

305-347-4343 / 954-464-8887

Specialized in: Russian Legal System
URL: http://www.russianbanksuit.com
Print press release      Bookmark this page
Related Press releases 
Houston Complex Commercial Litigation Firm AZA Wins Bankruptcy Rulings for Versata FZ, LLC (Popularity: ): AUSTIN, Texas, Oct. 18, 2011 -- The Houston complex commercial litigation law firm of Ahmad, Zavitsanos, Anaipakos, Alavi & Mensing P.C. recently won important rulings for firm client Versata FZ, LLC, that protect the company's intellectual property rights in computer-aided design software.AZA lawyers Demetrios Anaipakos and Kinan Romman won a two-day September trial in the U.S. Bankruptcy Court for the Western District of Texas on behalf of Versata, a Dubai-based ...
FDA Warns Public of Continued Extortion Scam By FDA Impersonators (Popularity: ): The U.S. Food and Drug Administration is warning the public about criminals posing as FDA special agents and other law enforcement personnel as part of a continued international extortion scam.The criminals call the victims -- who in most cases previously purchased drugs over the Internet or via "telepharmacies" -- and identify themselves as FDA special agents or other law enforcement officials. The criminals inform the victims that purchasing drugs over ...
Surveillance Limited investigate the information you need (Popularity: ): Surveillance Limited are surveillance specialists and have the unique selling point that all of their staff have at some point worked on Scotland Yard’s dedicated surveillance teams and have over 20 years of surveillance experience. They are highly experienced, accustomed to working in hostile environments, obtaining and collating intelligence and presenting evidence at court.Surveillance Limited provide their clients with the assurance of total discretion and confidentiality in all the services ...
Forensic Accountants Crucial in Gulf Oil Spill (Popularity: ): Forensic accountants will be instrumental on who gets how much money from the $20 billion fund set aside by BP as we approach the 71st day of the oil spill in the Gulf of Mexico.According to Joe Epps, President of Epps CPA Consulting PLLC, (www.eppscpa.com) the current focus of the fund is on economic damages, not liability. "This is what many forensic accountants do - they measure and support economic ...
Construction Dispute Resolution Company "Contract Dispute Solutions" Launch Partnership Programme (Popularity: ): The construction and development sector of the UK and Global economy offers high value earning market opportunities in terms of both dispute resolution and dispute avoidance but many organisations are not positioned to maximise the opportunities.The main advantages of creating a strategic partnership with Contract Dispute Solutions www.contractdisputesolutions.co.uk include:•Added service provision to satisfy client's objectives. •Little, if any, investment risk. •Little, if any, overheads. •Client Base protected. •Construction and development ...


Related Business 
The Original Toe Loop Flip Flops - Toe Loop Sandals (Popularity: ): We all know that flip-flops are casual, comfortable, inexpensive, and “kewl” to wear but we all also know they don’t always stay where you put them, that is, solidly on the bottom of your feet. That is why the gang at ToeJoez Footwear is proud to introduce what is the best improvement to a flip-flop know to our species of bare-footed loving folks. Besides the comfort and good looks to ...
Hand painted leather sandals, leather flip flops and wooden sandals (Popularity: ): Sandal Bali is a manufacturer and exporter of ladies footwear. We use world class material for manufacturing footwear. We have a large collection of women sandals like Hand painted leather sandals, hand-painted leather thong, leather flip flops.
Buy Slippers (Popularity: ): Flip flops is a best footwear for reguler use in all sesion. Now you can buy your kind flip flop in reasonable price at infibeam footwear store in india.
Antique Wooden Furniture (Popularity: ): A highly recognized and leading supplier, & exporter of wide range of shopping products, offering a flip flops, panama hat, home furnishings, handicraft items, jute & wooden jewelry and much more.
Indonesia Wholesale Sandals (Popularity: ): We are an Indonesia Factory and Wholesale EVA Sandals, Flip FLops and hotel Slippers. Serving different orders with different Model: Character Slippers, Hotel Slippers, Sandals, Flip Children Sandals, Batik Slippers, Etc. Design slippers keep us updated. Serving Purchase Wholesale Sandals and Special Orders. Factory Price, Open to exporter, wholesaler, Reseller, Shop Etc.
New York Legal Process Servers (Popularity: ): New York legal process servers licensed by the City of New York will serve your legal documents in New York City within 2-5 business days for only $75.00 per defendant. For more information please call 718-277-2968 or visit www.subpoenadelivery.com
Bank of New York (Popularity: ): A full service bank offering a full range of banking and other financial services to corporations, businesses and individuals worldwide. The first bank chartered in New York.
Nadine Bocelli & Company, Inc. (Popularity: ): New York legal recruitment firm placing legal personnel, within law firms and legal departments, in New York City and the tri-state area.
Net Blood Bank: Online Blood Bank Management System (Popularity: ): Net blood bank is online Blood management computerized system. This system is developed for the blood bank organizations which are across the India and worldwide. This software helps to manage blood banks registers like (Master, Issue, and Donor). It is also helpful to computerizes various reports like, employee payroll, billing accounting functions etc.
Russian Document Services (Popularity: ): Interpreting and translation of immigration, legal and travel related documents in English<>Russian. Company based in Las Vegas, United States. Site in English and Russian.