New York Fed to assist Bangladesh in cyber-heist law suit

February 1, 2019

NEW YORK (Reuters) – The Federal Reserve Bank of New York said on Friday it will provide “technical assistance” to Bangladesh Bank as it sues a Philippine bank to recoup losses, after unidentified hackers stole $81 million from its account at the U.S. central bank three years ago.

The assistance includes “meeting jointly with the relevant agencies or parties in the Philippines to strongly encourage them to assist in the recovery of stolen funds,” the New York Fed and Bangladesh’s central bank said in a joint statement.

In the U.S. District Court in Manhattan on Thursday, Bangladesh Bank sued Philippine bank Rizal Commercial Banking Corp (RCBC) and accused it and dozens of others, including several top executives, of involvement in a “massive” and “intricately planned” multi-year conspiracy to steal its money.

(Reporting by Jonathan Spicer; Editing by Chizu Nomiyama)