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Bank to Pay Fine for Alleged Violation of Boycott Laws

The Department of Commerce announced here yesterday that the Bank of New York has agreed to pay a $24,500 fine for allegedly violating anti-boycott laws. The bank neither admitted nor denied allegations that it had failed to report 49 requests that it engage in restrictive trade practices or boycotts against Israeli firms, the Department said. But the Department said the bank has “agreed to take corrective measures to insure its future compliance” with the anti-boycott laws.