Bangladesh Bank has decided to terminate its legal services agreement with US-based law firm Cozen O’Connor, which has been representing the central bank in a US court case over the 2016 reserve heist.

The decision was approved at a meeting of the Bangladesh Bank Board of Directors on Sunday, chaired by Governor Mostaqur Rahman.

However, the termination of the agreement will not affect the ongoing legal proceedings in the United States. Bangladesh-based Bangladesh Supreme Court and Legal Consultants (BSNK) and UK-based Keystone Law will continue to assist the central bank in pursuing the case.

The board also gave final approval for payment of outstanding bills owed to Cozen O’Connor for legal services already provided in connection with the reserve theft case. At the same meeting, it approved the cancellation of the existing legal services agreement with the US firm.

In February 2016, hackers stole around $101 million from Bangladesh Bank’s account with the Federal Reserve Bank of New York. About $81 million was transferred to several bank accounts in the Philippines, while another $20 million was sent to Sri Lanka.

The Sri Lankan transfer was stopped because of a spelling error in the recipient’s name. Bangladesh subsequently recovered part of the stolen funds through various initiatives, although a significant portion of the money remains unrecovered.

Bangladesh Bank filed a lawsuit in a US court seeking recovery of the stolen funds, with Cozen O’Connor providing legal assistance to the central bank.

According to relevant documents and Bangladesh Bank officials, the US firm’s termination will not halt the case. BSNK and Keystone Law will continue to provide legal support to Bangladesh Bank in the ongoing proceedings.

A senior official of the Bangladesh Financial Intelligence Unit (BFIU) said Cozen O’Connor had been providing additional legal assistance to Bangladesh Bank in the reserve theft case.

“As the need for their assistance has decreased, the agreement has been terminated. However, the legal proceedings will continue through the other law firms,” the official said.

He said there was clear evidence regarding the embezzlement of Bangladesh’s funds in the reserve heist, adding that Bangladesh Bank has a strong possibility of securing a favorable verdict.

The official also said a party on the opposing side had previously tried to negotiate a settlement by offering to return half of the stolen funds. Bangladesh Bank, however, rejected the proposal.

The central bank has sought recovery of the entire stolen amount along with interest.