Recent decisions in the New York courts will have significant implications for non-US financial institutions doing business within the United States, as well as for US financial institutions with non-US branches. Among other things, these decisions will affect—positively or negatively—the likelihood that non-US banks doing business in New York will be: (1) subjected to US jurisdiction and required to defend themselves in New York court; (2) subjected to US laws inconsistent with their home country laws and penalized for obeying their home country laws; and (3) required to make payments in New York to satisfy judgments against their non-US customers. In this rapidly evolving legal landscape, the challenges of minimizing exposure and navigating laws in multiple jurisdictions are greater than ever.
In most of the cases mentioned above, Mayer Brown lawyers—including Mayer Brown partner Alex Lakatos and associates Christopher Houpt and Paul Hughes—participated in the submission of either the merits brief or an amicus brief. Please join Alex, Chris and Paul as they discuss the threats and opportunities these cases present, including:
- The Licci decision regarding when a NY correspondent account can be used to establish jurisdiction over a bank without a NY presence;
- The Porsche decision concerning the ability of hedge funds to sue Porsche for securities fraud in state court, after a federal court dismissed identical claims pursuant to Morrison’s limit on the extra-territorial reach of the US securities laws;
- Recent developments concerning asset turnover, including when, under the Koehler doctrine, banks with a NY presence may be required to pay over assets from their non-US branches or subsidiaries, and what types of assets are subject to turnover under the Terrorism Risk Insurance Act;
- The Arab Bank decision on the extent to which a non-US financial institution can be penalized for failing to comply with discovery, when home-country laws prohibit production;
- The Second Circuit’s recent decision in Rothstein, which establishes a proximate cause limitation for claims brought pursuant to the Anti-Terrorism Act.
Instructions for accessing the program will be sent prior to the event.
For additional information, please contact Bob Kelley at firstname.lastname@example.org or +1 312 701 8123.
Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.