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By BLOOMBERG NEWS | February 3, 2006
NEW YORK -- A federal judge has denied a motion to dismiss a suit by Allied Irish Banks PLC accusing Citigroup Inc. and Bank of America Corp., the two largest U.S. banks, of helping rogue currency trader John Rusnak hide $691 million in losses. Rusnak pleaded guilty in 2002 to defrauding Allied Irish's Baltimore-based Allfirst Financial Inc. unit and was sentenced to prison. Units of Bank of America and Citigroup joined Rusnak's scheme in 2000 by opening accounts for him, and brokers there helped conceal his losses, Allied Irish said in its lawsuit.
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BUSINESS
April 25, 2006
Two former executives of Baltimore's Allfirst Financial Inc. were barred from the banking industry by the Federal Reserve yesterday over $691 million in currency losses discovered in 2002. Former Treasurer David Cronin and Robert Ray, the one-time senior vice president of treasury funds management, were prohibited from "participating in any manner" with an insured depository institution, bank or savings association holding company, the Fed said in separate orders yesterday. The losses prompted Allied Irish, Allfirst's parent, to sell the bank to M&T Bank Corp.
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BUSINESS
By David Conn and David Conn,Sun Staff Writer Bloomberg Business News contributed to this article | February 15, 1995
With earnings strong and capital flush at Allied Irish PLC, speculation is growing that the parent of First Maryland Bancorp may be looking to expand its empire further, particularly in the Mid-Atlantic region.Allied yesterday reported a 16.6 percent increase in 1994 profits, to 341 million Irish punts, or $528 million. That compares with 1993 profits of 292.6 million punts, or $453 million, a year earlier.The company's stock fell yesterday on concerns about Allied's lending margins amid higher short-term interest rates.
BUSINESS
By BLOOMBERG NEWS | February 3, 2006
NEW YORK -- A federal judge has denied a motion to dismiss a suit by Allied Irish Banks PLC accusing Citigroup Inc. and Bank of America Corp., the two largest U.S. banks, of helping rogue currency trader John Rusnak hide $691 million in losses. Rusnak pleaded guilty in 2002 to defrauding Allied Irish's Baltimore-based Allfirst Financial Inc. unit and was sentenced to prison. Units of Bank of America and Citigroup joined Rusnak's scheme in 2000 by opening accounts for him, and brokers there helped conceal his losses, Allied Irish said in its lawsuit.
BUSINESS
By BLOOMBERG NEWS | December 8, 2004
DUBLIN, Ireland - Allied Irish Banks PLC's management and staff were criticized by Ireland's financial regulator yesterday for knowingly overcharging some customers on currency transactions. "The failures within Allied Irish Banks uncovered by the investigations are completely unacceptable," Liam O'Reilly, who heads the Irish Financial Services Regulatory Authority, said at a news conference in Dublin. "We will not tolerate such practices within the financial services industry." Two years ago, Allied Irish learned that John Rusnak, a trader at its Baltimore-based Allfirst Financial Inc., had racked up and hidden $691 million in losses over more than five years before the bank noticed discrepancies.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | May 2, 1996
In an upbeat message to shareholders, the chairman of Allied Irish Banks PLC said yesterday that the company will continue looking for ways to expand its large, Baltimore-based subsidiary, First Maryland Bancorp.James Culliton, chairman of the $37 billion-asset Dublin, Ireland-based banking company, told shareholders at the firm's annual meeting that Allied Irish will pursue "further growth initiatives, both organic and strategic.""We are strong domestically, but, as a result of prudent diversification, about 50 percent of our earnings are now generated outside the Republic," Mr. Culliton said.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | February 20, 2003
Allied Irish Banks PLC said yesterday that profit rose 4 percent last year as it worked to sell its Baltimore-based Allfirst Financial Inc. unit, site of one of the biggest banking frauds in history. The Dublin, Ireland-based banking company made $1.114 billion last year. That compares with a 2001 profit originally announced at $1.071 billion and then restated to $520 million after Allied reported losing $691.2 million in the currency trading scandal Allied Irish said income per share last year rose 6 percent to $1.29.
BUSINESS
By Laura Smitherman and Laura Smitherman,SUN STAFF | March 11, 2005
Eugene J. Sheehy, who was sent to Baltimore three years ago by Allied Irish Banks PLC to help its Allfirst Financial Inc. subsidiary recover from a huge currency trading scandal, is being called home to Dublin to lead the parent bank. Next month, Sheehy, 50, will take over Ireland's largest company from Chief Executive Officer Michael D. Buckley, who is retiring. Sheehy is chairman and chief executive officer of the Mid-Atlantic division of M&T Bank Corp. of Buffalo, N.Y., which bought a majority stake in Allfirst from Allied Irish for $3.1 billion in September 2002, six months after Sheehy arrived.
BUSINESS
By Bill Atkinson and Andrew Ratner and Bill Atkinson and Andrew Ratner,SUN STAFF | May 29, 2002
Allied Irish Banks PLC, the parent of Baltimore-based Allfirst Financial Inc., said yesterday that its business is "steadily recovering" after it lost a staggering $691.2 million in a currency-trading scandal. The Dublin, Ireland-based company said that after it revealed the fraud at Allfirst, "there was some reduced business momentum. However, our business is now steadily recovering from the damage inflicted by the fraud." Allied Irish issued the "trading update" a day before its annual meeting in Belfast, Northern Ireland, today, nearly four months after it said Allfirst employee John M. Rusnak had hidden millions of dollars of losses from trading currencies.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | December 17, 2002
M&T Bank Corp. shareholders approved yesterday the bank's $3.1 billion takeover of scandal-scarred Allfirst Financial Inc. Shareholders of Allied Irish Banks PLC, Allfirst's Dublin-based parent, will vote early tomorrow whether to approve the sale to M&T. The deal is expected to close before the end of the first quarter, although the conversion of Allfirst branches to M&T won't take place until the middle of 2003, M&T said. "We expected the outcome of today's vote," said C. Michael Zabel, vice president of corporate communications for the Buffalo, N.Y.-based M&T. "We are still waiting for the various federal and state regulatory agencies to give us the permissions needed to complete the deal," Zabel said.
BUSINESS
By Laura Smitherman and Laura Smitherman,SUN STAFF | March 11, 2005
Eugene J. Sheehy, who was sent to Baltimore three years ago by Allied Irish Banks PLC to help its Allfirst Financial Inc. subsidiary recover from a huge currency trading scandal, is being called home to Dublin to lead the parent bank. Next month, Sheehy, 50, will take over Ireland's largest company from Chief Executive Officer Michael D. Buckley, who is retiring. Sheehy is chairman and chief executive officer of the Mid-Atlantic division of M&T Bank Corp. of Buffalo, N.Y., which bought a majority stake in Allfirst from Allied Irish for $3.1 billion in September 2002, six months after Sheehy arrived.
BUSINESS
By Bill Atkinson | February 25, 2005
CHARLIE COLE lives by a motto that contrasts with his easygoing manner: "Never retreat." "If you retreat, you give up," Cole said. "There is no use being alive." It is a motto startling in its bluntness, but it has served Cole well, especially in darker moments. Charles W. Cole Jr. could have given up in 1994, when he was forced out as chief executive of First Maryland Bancorp. He could have retired at age 58 and spent his time trekking up New Hampshire's Mount Washington or the Schilthorn in Switzerland.
BUSINESS
By JAY HANCOCK | February 16, 2005
ON MAY 17, 1999, Manuel Feder of Hanover, Pa. bought 3,000 American depositary shares in Allied Irish Banks for $30 a share, or $90,000, according to a sworn statement Feder filed with a federal court in New York's Southern District. It didn't turn out so well. Allied Irish is trading above $40, so Feder's stake would have been worth $120,000. But he unloaded his shares at a loss in 2002, he told me on the phone, after Allied Irish shocked the financial universe by disclosing more than $600 million in currency-trading losses at its Baltimore subsidiary, Allfirst Financial.
NEWS
By Laura Smitherman and Laura Smitherman,SUN STAFF | February 6, 2005
Three years after one of the largest bank frauds in history foreshadowed the end of Allfirst Financial Inc., the "rogue" trader at the center of that scandal is the only person from the former Baltimore bank who has faced a day in court. That might change in the coming months. This week, two lawsuits from shareholders who contend that higher-ups at the bank should have known about and policed the $690 million trading scandal will be merged into a 70-page complaint in federal court in New York.
BUSINESS
By BLOOMBERG NEWS | December 8, 2004
DUBLIN, Ireland - Allied Irish Banks PLC's management and staff were criticized by Ireland's financial regulator yesterday for knowingly overcharging some customers on currency transactions. "The failures within Allied Irish Banks uncovered by the investigations are completely unacceptable," Liam O'Reilly, who heads the Irish Financial Services Regulatory Authority, said at a news conference in Dublin. "We will not tolerate such practices within the financial services industry." Two years ago, Allied Irish learned that John Rusnak, a trader at its Baltimore-based Allfirst Financial Inc., had racked up and hidden $691 million in losses over more than five years before the bank noticed discrepancies.
BUSINESS
By JAY HANCOCK | May 28, 2003
JUST WHEN you thought it was safe to walk down Wall Street again without two Dobermans to repel the white-collar muggers, Allied Irish Banks brings new allegations of misdeeds against Bank of America and Citigroup. OK, the purported transgressions took place a few years ago, before the big New York financial houses were cleansed and absolved by St. Eliot. It's only the revelations of supposed wrongdoing that are new. But the claims made by Allied Irish last week in a lawsuit in U.S. District Court in Manhattan, if true, offer new evidence that Wall Street operatives always have and always will act in the interests of 1)
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | December 5, 2002
Allied Irish Banks PLC will see profit growth in the mid-single digits this year - down from about 12 percent last year - with problems at its scandal-ridden Allfirst Financial Inc. unit offsetting strong performance in other markets, including Ireland. The profit forecast was contained in a "trading update" report issued yesterday by the Dublin-based Allied Irish. Plans call for the Baltimore-based Allfirst Financial to be merged into M&T Bank Corp. of Buffalo, N.Y., sometime during the first quarter of 2003.
NEWS
By Andrew Ratner and Andrew Ratner,SUN STAFF | May 30, 2002
BELFAST, Northern Ireland - Officials of Allfirst Financial Inc.'s parent company said yesterday that it will decide by the end of the year whether to begin a withdrawal from U.S. banking. Allied Irish Banks PLC officials said the decision hinges on whether Baltimore-based Allfirst rebounds sufficiently from the currency trading scandal that rocked the company in February. The comments followed a boisterous shareholders meeting in Belfast that included the removal of an agitated investor who mounted the dais and threatened to commandeer Chairman Lochlann Quinn's microphone.
NEWS
By Bill Atkinson and Bill Atkinson,SUN STAFF | May 28, 2003
Allied Irish Banks PLC has fired a well-aimed shot that could result in the recovery of millions of dollars from two of the country's largest banking companies, which allegedly aided a rogue trader in defrauding the Dublin bank of $691.2 million, industry experts said. Allied, the former parent company of Baltimore-based Allfirst Financial Inc., sued Citibank and Bank of America last week, seeking to recover about $500 million in compensatory damages - the share of the losses it attributed to the banks' alleged wrongdoing.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | February 20, 2003
Allied Irish Banks PLC said yesterday that profit rose 4 percent last year as it worked to sell its Baltimore-based Allfirst Financial Inc. unit, site of one of the biggest banking frauds in history. The Dublin, Ireland-based banking company made $1.114 billion last year. That compares with a 2001 profit originally announced at $1.071 billion and then restated to $520 million after Allied reported losing $691.2 million in the currency trading scandal Allied Irish said income per share last year rose 6 percent to $1.29.
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