Bangladesh Bank Case vs. RCBC Dismissed

A US court has dismissed a civil case filed by Bangladesh Bank against Yuchengco-led Rizal Commercial Banking Corp., certain individuals and firms alleging conspiracy in relation to the 81-million-dollar cyber-hacking case and money laundering case in 2016.

Bloomberry Resorts Corporation disclosed to the Philippine Stock Exchange on Monday that the US District Court for the Southern District of New York had dismissed the case.

Citing an opinion and order dated March 20, the US court granted the defendants’ joint motion to dismiss for failure to state a Racketeer Influenced and Corrupt Organizations Act RICO claim or RICO conspiracy claim.

The disclosure said that the US Court had “further declined to exercise its supplemental jurisdiction over the remaining state law claims.”

The court, however, denied the defendants’ other joint motions to dismiss the case based on lack of subject matter jurisdiction and having another more suitable forum.

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