Bank of New York Talks Deal on Criminal Charge

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00004077-bank-of-new-york-talks-deal-on-criminal-c/

Bank of New York reportedly faces a $24 million fine to avoid a criminal indictment for allegedly failing to report suspicious activity at one of its branches.

The settlement, which would also include independent monitoring of its compliance procedures and other cooperation, is currently under negotiation with federal prosecutors, according to the Wall Street Journal. The government contends Bank of New York should’ve reported unusual transactions with a Long Island medical-equipment leasing company that was a loan customer of the bank.

For this complete story, please visit Bank of New York Talks Deal on Criminal Charge.

Bank of New York Talks Deal on Criminal Charge

Unknown Author

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