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April 12, 2024

Yuchengco’s RCBC deliberates next steps after New York Court’s decision on $81-million cyberheist

Following the New York Supreme Court’s recent ruling allowing the Bank of Bangladesh’s case regarding the $81-million cyberheist in 2016.

Rizal Commercial Banking Corp. (RCBC)is currently assessing its options following the New York Supreme Court’s ruling allowing the Bank of Bangladesh’s case regarding the $81 million cyberheist in 2016.

The ruling from the appellate division of the Supreme Court of the State of New York’s first judicial department, issued on Feb. 29, dismissed three causes of action against RCBC and all RCBC defendants—conversion, aiding and abetting conversion, and conspiracy to commit conversion.

Furthermore, the court dismissed the case against four RCBC defendants (Ismael Reyes, Brigitte Capiña, Romualdo Agarrado, and Nestor Pineda) due to a lack of personal jurisdiction.

However, the court permitted the case to proceed against RCBC and the remaining defendants on other grounds, particularly the return of received money.

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