Bank of New York

In re Bank of New York Corporate Derivative Litig., No. 99/604465 (Supreme Court of New York, New York County), a derivative suit brought by The Brualdi Law Firm, P.C. on behalf of The Bank of New York to recover for the substantial injury caused it through defendants allowing it to be infiltrated by alleged international criminals who then used it to launder billions of dollars in stolen money, including stolen International Monetary Fund monies, out of Russia and Eastern Europe.

Following extensive litigation and discovery The Brualdi Law Firm, P.C. thereafter negotiated a settlement of this action pursuant to which the insurance carrier for defendants paid The Bank of New York $26.5 million dollars.  The settlement also required the defendants to implement substantial corporate governance changes.