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Continental Time Corp. v. Swiss Credit Bank

543 F. Supp. 408 (1982)

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Continental Time Corp. v. Swiss Credit Bank

United States District Court for the Southern District of New York
543 F. Supp. 408 (1982)

Facts

Continental Time Corp. (Continental) (plaintiff) received a letter of credit from Swiss Credit Bank (defendant). Continental assigned its interest in the letter of credit to S. Frederick & Company (Frederick) and to Arlington Distribution Co., Inc. (Arlington). The letter of credit expired without any payments made. Frederick and Arlington sued Swiss Credit in Switzerland to recover damages under their assigned portions of the letter of credit. Continental and Frederick settled related claims between them, and as part of the settlement, Frederick reassigned a portion of its interest in the letter of credit back to Continental. Regardless of the settlement, Arlington still intended to pursue its claims in the Switzerland action. Six months after Frederick and Arlington sued Swiss Credit in Switzerland, Continental commenced an action in the United States to recover damages resulting from Swiss Credit’s allegedly wrongful refusal to honor the letter of credit. Swiss Credit moved to dismiss Continental’s lawsuit or stay the action because, when the action was filed, Continental no longer had any legal interest in the letter of credit and because the earlier Switzerland action was still pending.

Rule of Law

Issue

Holding and Reasoning (Lasker, J.)

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