Bank of New York Mellon Corp. said a Russian newspaper report that an $800 million settlement had been reached on a $22 billion lawsuit the Russian government has filed against the company is "pure speculation."

The Russian Federal Customs Service sued Bank of New York Mellon in May 2007 over an alleged laundering scheme. It claimed that during the 1990s several executives at Bank of New York, a predecessor company, moved $7.5 billion from Russia to accounts at the company via wire transfers.

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