Finanz Aktiengesellschaft Zurich v. Banco Economico Sociedade Anonima
United States Court of Appeals for the Second Circuit
192 F.3d 240 (1999)
- Written by Ryan McCarthy, JD
Facts
Finanz AG Zurich (Finanz) (plaintiff) was the holder of promissory notes guaranteed by the Cayman Islands branch of Banco Economico S.A. (Banco) (defendant). Payment for the notes was to be made by the New York branch of Banco. Brazil’s Central Bank forced Banco into a liquidation proceeding in Brazil. The Office of the Comptroller of the Currency (OCC), which licensed Banco’s New York branch, subsequently entered a consent order with the New York branch to liquidate and pay off the branch’s liabilities. Finanz attempted to collect payment on the notes from Banco in New York but was denied. Finanz sued in New York state court, and Banco removed to federal district court. Banco’s motion to dismiss on the ground of international comity was granted by the district court. Finanz appealed to the United States Court of Appeals for the Second Circuit, arguing that granting comity to the Brazilian proceeding violated United States policy and was procedurally unfair.
Rule of Law
Issue
Holding and Reasoning (Straub, J.)
What to do next…
Here's why 805,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 46,300 briefs, keyed to 988 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.
