Milwaukee, Wisconsin (WiredPRNews.com) — Russian authorities are eagerly hoping to create legal history with the application of an American racketeering act in a court in Moscow as they look to recover billions of dollars in damages made by the Bank of New York Mellon. Hearings will be resumed on July 28th in the lawsuit of $422.5 billion charged against the concerned bank of the Russian Federal Customs Service, which was a main attraction in the 1990s for a major money-laundering scandal.
In an extraordinary move, Russia brought the bank’s case under a popular U.S. law, which was used for fighting organized crime. Various expert opinions have been formed in order to make the case strong. Law professor, Alan Dershowitz, has been brought by the Russians along with the author of a 1970 statute on RICO or the Racketeer-Influenced and Corrupt Organizations, Robert Blakey. The lawyer of the Bank of New York Mellon is the former attorney generalsand the governor of Pennsylvania, Richard Thornburgh.
As reported by the lawyers, the statute of RICO has not been ruled successfully in an alien or foreign court. If the court of Moscow agrees to go with the U.S. law, there are some attorneys that predict the opening of floodgates for the swing of such similar claims. According to the lead counsel of the bank, Ivan Marisin, “Corporations would be buried under RICO claims in Russian courts in the next six months.”
The efforts of Russia to reach a proper settlement have been rejected as reported by the plaintiffs. The lawyer, Marisin, said that the bank was approached by the plaintiffs long before the actual case was filed in which a lower amount of money was asked for as compared to the actual damages that have been sought.
Wired Law Reporter