The New York Court of Appeals has confirmed that, while maintaining a correspondent banking account will not support the exercise of jurisdiction over a non-US bank in matters unrelated to the non-US bank’s use of the correspondent bank account, correspondent banking transactions could establish New York jurisdiction over banks in cases with a close nexus to those transactions. In the wake of this decision, plaintiffs likely will try to subject non-US banks to the jurisdiction of New York courts in cases that have little connection to New York.
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