Bank Of NY/Suit -2: Seeks $40M Plus Interest, Fees
 
11/15/2000
Federal Filings Newswires
(Copyright (c) 2000, Dow Jones & Company, Inc.)

 

FFBN SOURCE: SEC 10-Q

ISSUER: BANK OF NEW YORK CO.
SYMBOL: BK

QUARTER ENDED: 09/30/2000
SEC RECEIVED: 11/14/2000


        WASHINGTON (FFBN)--Bank of New York (BK) is being sued by three
alleged shareholders of Joint Stock Bank  Inkombank , according to the
company's most recent quarterly report filed with the Securities and Exchange
Commission.

        In its filing, Bank of New York said the action, filed with the
Supreme Court, New York County, on Oct. 24, alleges that the defendants
fraudulently induced the plaintiffs to refrain from redeeming their alleged
$40 million investment in  Inkombank .

        The complaint asserts a single case of action for fraud, and seeks
$40 million plus 12% interest from January 1994, punitive damages, costs,
interest and attorney fees.

         Inkombank  collapsed in 1998.  Bank of New York has been involved in
investigations by regulatory authorities of funds transfer activities
in certain accounts at Bank of New York, principally involving wire transfers
from Russian and other sources in Eastern Europe.

        The company said it believes the allegations are without merit and
intends to defend the action vigorously.