The New York Supreme Court has allowed the case filed by Bangladesh Bank concerning the $81-million cyberheist in 2016 to proceed, but dismissed several charges against the Rizal Commercial Banking Corp (RCBC).

The appellate division, the first judicial department of the Supreme Court of the State of New York, ruled to dismiss three causes of action -- conversion, aiding and abetting conversion, and conspiracy to commit conversion -- against the bank and all defendants associated with RCBC, reports the Philippines Daily Inquirer.

It also dismissed the case against four RCBC defendants -- Ismael Reyes, Brigitte Capiña, Romualdo Agarrado and Nestor Pineda -- due to a lack of personal jurisdiction.

However, RCBC said the court ruled that the case could proceed on the other causes of action, including the return of money received, as per the report.

"The bank is considering whether or not to appeal this decision and order," RCBC said.

The Inquirer report said that in a stock exchange filing on Friday, RCBC said it received a decision from the New York Supreme Court on 29 February this year and now the company is reportedly considering its next move.

The original complaint in the state court, filed on May 27, 2020, was for the "conversion/ theft/ misappropriation; aiding and abetting the same; conspiracy to commit the same; fraud (against RCBC); aiding and abetting and conspiracy to commit fraud; conspiracy to commit trespass against chattels; unjust enrichment; and return of money received."

Without ruling on the merits of the case, the court confirmed its jurisdiction over RCBC and the individual defendants in a decision on January 14, 2023.

Bangladesh Bank had filed earlier cases to recover $81 million in stolen funds, which was allegedly lost to North Korean hackers.

Some of the funds were allowed to be transacted via correspondent banks in New York before being wired to fictitious accounts with RCBC.

RCBC had vowed to "defend the case vigorously" even after the New York court had dismissed its motion to dismiss.

On February 5, 2016, hackers stole $101 million from the Bangladesh Bank's account with the Federal Reserve Bank of New York using fake orders through the SWIFT payment system.

Of the amount, $81 million was transferred to four RCBC accounts in Manila and the rest to a bank in Sri Lanka.

The $81 million portion flowed through the Filipino financial system before disappearing in local casinos, where it was used to buy gaming chips played.

The Bangladesh Bank then filed a lawsuit with the US District Court in Manhattan in 2019, accusing the RCBC of being involved in a massive conspiracy to steal the money.

Bangladesh Bank executive director and spokesperson Md Mezbaul Haque, and BB-appointed lawyer for the reserve heist case Ajmalul Hossain QC did not respond to phone calls till filling of this report.