The US Supreme Court has issued a decision in Daimler AG v. Bauman, 571 U.S. ___, 134 S. Ct. 746 (2014), that could be of substantial importance to non-US banks with US branches. Under Daimler, a company typically will be subject to general personal jurisdiction only in the forum where it is incorporated or where it has its principal place of business. The decision adopts an approach similar to that of the European Union, where a corporation generally may be sued in the nation in which it is “domiciled,”—which has been defined to refer only to location of the corporation’s “statutory seat,” “central administration,” or “principal place of business.” However, given the breadth of the decision, there may be some judicial and legislative resistance to the decision.
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