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EDITORIAL: Only Russians fail this Spectacularly

EDITORIAL

Only Russians fail this Spectacularly

Imagine your feuding neighbor claims you destroyed his car worth $7,500 and demands you pay him.  Now imagine you refuse, and he files a lawsuit against you for $22,500 in damages.  Why that amount? Let’s say your neighbor is Russian, and that explains a lot.  You battle in court for a while, and then your neighbor agrees to drop the case in exchange for your payment of $14.  Not $14,000 mind you, or $140, but $14.

Who won?

Exactly this just happened in Russia’s lawsuit against the Bank of New York.  After sensational headlines and vituperative allegations from the Russians about “fraud” and “theft” by the Bank, after a claim by Russia that $7.5 billion had been stolen and a lawsuit filed by Russia claiming $22.5 billion (three times more than the alleged theft), Russia settled last week for $14 million.

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