NEW YORK, May 17, 2007 –The Bank of New York Company, Inc. issued the following statement today:
We understand from press reports that a lawsuit has been filed against the Company by a Russian agency described as the Federal Customs Service. While we have not seen the complaint, based on our knowledge of the facts, we believe any such suit would be totally without merit, if not frivolous, and we would expect to defend it vigorously.
The Company was previously approached by lawyers purporting to represent this agency who claimed to be able to dispose of the matter for a tiny fraction of the amount now claimed. It should be noted that the events related to the lawsuit occurred more than ten years ago and were previously resolved by the Company.