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Great Wall de Venezuela C.A. v. Interaudi Bank

117 F. Supp. 3d 474 (2015)

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Great Wall de Venezuela C.A. v. Interaudi Bank

United States District Court for the Southern District of New York
117 F. Supp. 3d 474 (2015)

Facts

Great Wall de Venezuela C.A. (Great Wall) (plaintiff) contracted to sell a Venezuelan automobile-manufacturing plant to ICA International Automobile Limited (ICA). ICA contracted with Interaudi Bank (Interaudi) (defendant) to have Interaudi issue a letter of credit to Great Wall stating that Interaudi would pay the plant’s purchase price upon receiving a demand from Great Wall that complied with the letter’s terms. Great Wall subsequently made such a demand. However, ICA informed Interaudi that Great Wall had engaged in fraud in the underlying sale transaction and threatened to sue Interaudi if it honored the letter of credit and made payment to Great Wall. When Great Wall subsequently sued Interaudi for payment, Interaudi moved for interpleader relief. Interaudi stated that Great Wall and ICA had asserted competing claims to the funds and asked the district court to take possession of the funds, release Interaudi from the suit, and resolve the dispute between Great Wall and ICA.

Rule of Law

Issue

Holding and Reasoning (Oetken, J.)

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