Shareholders to sue AIB over Rusnak fraud

A shareholder lawsuit launched in New York accuses Allfirst Bank and its Irish parent company of failing to police a trader who allegedly squandered almost $500m (€570m).

The lawsuit blames Allfirst Bank and its Dublin-based parent, Allied Irish Banks, for the losses incurred by John Rusnak, 37, a Baltimore currency trader. Allfirst spokesman Philip Hosmer declined to comment today.