Allied Irish Sues BofA, Citibank Over Trader
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Allied Irish Banks sued Bank of America Corp. and Citibank, alleging they helped a former currency trader from an AIB unit hide more than $691 million in investment losses.
Allied Irish is seeking $500 million in compensatory damages as well as punitive damages, according to its complaint filed in federal court in New York.
The case concerns BofA’s and Citibank’s alleged involvement with John Rusnak, a trader at Allfirst Bank. Rusnak was sentenced in January to 7 1/2 years in jail after pleading guilty to one count of bank fraud.
A spokeswoman for Citibank parent Citigroup Inc. called the suit “without merit.” BofA did not immediately return calls seeking comment.
From Reuters
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