Bank Analyst Concludes: A Russian Judgment Against the Bank of New York is Collectible in U.S. and E.U.

MOSCOW, April 1, 2008 /PRNewswire/ -- The Russian Federation sees consensus building among analysts and legal experts that its $22.5 billion money-laundering suit against the Bank of New York (NYSE:BK) is fully enforceable in both the United States and throughout the world. Attorney's representing the Russian Federation remain confident that with a judgment by the Moscow Arbitration Court against BoNY, Russia will be able to obtain court orders seizing billions of dollars of the bank's worldwide assets.

Richard X. Bove, a highly respected bank analyst with Punk Ziegel & Company, agrees. He recently stated that, "new information now suggests that Russia could collect" on a Russian judgment in both the U.S. and the E.U. Bove sited two previous U.S. court rulings, which among other things, confirm U.S. enforcement of a $200 million Russian verdict. "There is precedence which suggests that the United States and European courts will enforce rulings made by the Russians," he said. He added that the bank, "...is facing an extraneous event that may now drain management as much as the big Enron and WorldCom suits drained the universal banks."

First Call Analyst:
FCMN Contact:

Source: Russian Federation

CONTACT: Evalyn Lyons, Punk, Ziegel & Co., +1-800-279-8699

2008-04-01 17:32:09 0325561 PRNEWSWIRE