Finanz Aktiengesellschaft Zurich v. Banco Economico Sociedade Anonima
United States Court of Appeals for the Second Circuit
192 F.3d 240 (1999)
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
Holding and Reasoning (Straub, J.)
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