Bangladesh Bank, NY Fed discuss suing Manila bank for heist damages

A source familiar with the New York Fed's thinking confirmed that Bangladesh Bank's external counsel raised the idea of filing a suit against RCBC in the call

Bangladesh’s central bank has asked the Federal Reserve Bank of New York to join a lawsuit it plans to file against a Philippines bank for its role in one of the world’s biggest cyber-heists, several sources said.

The Fed is yet to respond formally, but there is no indication it would join the suit.

Unidentified hackers stole $81 million from Bangladesh Bank’s account at the New York Fed in February last year, using fraudulent orders on the SWIFT payments system. The money was sent to accounts at Manila-based Rizal Commercial Banking Corp RCBS.PS and then disappeared into the casino industry in the