Russian finance minister says settlement of Bank of New York case to be signed soon

Russia, BONY to sign settlement

MOSCOW — Russia’s Finance Minister says terms have been reached for an out-of-court settlement of a $22.5 billion Russian government lawsuit against Bank of New York Mellon and that the agreement is to be signed soon.

The two-year-long case stems from a decade-old scandal in which a bank vice president and her husband were convicted of illegally wiring $7.5 billion of Russian money into accounts at the bank.

Finance Minister Alexei Kudrin on Wednesday told parliament “there is not enough information to win such litigation” and that an out-of-court settlement will be signed.