Bank of New York

New York bank settles fraud case

The oldest bank in the US, the Bank of New York, has agreed to pay $38m (£21m) to resolve long-running fraud and money-laundering investigations.

The bank will forfeit $26m to the government and pay $12m to victims of the fraud, prosecutors said.

The case dates back to 1999, when two of bank employees helped launder $7bn from Russia through several accounts