Allied Irish Banks (AIB), now owned by the government of Ireland, has attacked Citibank's efforts to have AIB's $500m case against it dismissed by a New York judge. AIB has claimed that Citibank aided a fraud conducted by rogue trader John Rusnak, who caused $691m Citibank has denied the allegations. if losses to occur at former AIB subsidiary, Allfirst. Citibank has argued that the court has so far "overlooked undisputed facts and controlling law that compel dismissal of this action. " The US Department of Justice is also investigating whether banks colluded with one another in setting up fraudulent accounts for customers using stolen identities. The case continues.
Allied Irish Banks (AIB), now owned by the government of Ireland, has attacked Citibank's efforts to have AIB's $500m case against it dismissed by a New York judge. AIB has claimed that Citibank aided a fraud conducted by rogue trader John Rusnak, who caused $691m if losses to occur at former AIB subsidiary, Allfirst. Citibank has argued that the court has so far "overlooked undisputed facts and controlling law that compel dismissal of this action." The US Department of Justice is also investigating whether banks colluded with one another in setting up fraudulent accounts for customers using stolen identities. The case continues.