In recent years, banks have found themselves named as parties in their capacities as garnishees in enforcement litigation brought by judgment creditors of governments or entities that have been designated as terrorist parties.
In a much anticipated decision, New York’s highest court, the Court of Appeals, confirmed on October 23, 2014, that the so-called "separate entity" rule continues to exist as a vibrant doctrine in the State of New York.
A Chicago federal grand jury has indicted Michael Coscia, formerly a registered floor trader and sole owner of Panther Energy Trading LLC, for allegedly violating the anti-spoofing provision of the Commodity Exchange Act ..
The US Court of Appeals for the Second Circuit has ruled that the presumption against extraterritoriality applies to private party actions under Section 21(h) of the Securities Exchange Act of 1934 ("Exchange Act").
In January 2014, the US Supreme Court decided Daimler AG v. Bauman, 571 U.S. ___, 134 S. Ct. 746 (2014), a decision that could be of substantial importance to any non-US bank or non-US corporation that has US branches or offices in the United States, as well as any US bank or corporation that has branches or offices outside of its principal place of business or place of incorporation (its "home state").
On August 30, 2013, the US Court of Appeals for the Second
Circuit ruled in United States v. Vilar that the presumption
against extraterritoriality applies to federal criminal
prosecutions under Section 10(b) of the Securities Exchange Act of
1934 (Exchange Act).
A recent New York State Court of Appeals decision in a case that Mayer Brown reported on in October 2012 sets an outer limit on the scope of asset turnover jurisdiction under "Koehler v. Bank of Bermuda".
The recent decision by a New York State trial court in Ayyash v. Koleilat (N.Y. Sup. Ct., N.Y. County, Index No. 151471/2012 (Coin, J.)) contains important guidance on how lower-level New York State courts are inclined to interpret the decision of New York’s highest court in Koehler v. Bank of Bermuda.