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Banking Law Keyed to Carnell, 7th Ed.
Motorola Credit Corp. v. Standard Chartered Bank
Citation:
21 N.E.3d 223, 24 N.Y.3d 149 (2014)Facts
Between 1998 and 2000, members of the Uzan family induced Motorola Credit Corporation to loan over $2 billion to a Turkish telecommunications company they controlled, purportedly for business expansion. The Uzans diverted substantial portions of these funds to themselves and entities they controlled. In 2003, the U.S. District Court for the Southern District of New York entered a judgment against the Uzans for approximately $2.1 billion in compensatory damages, followed by an additional $1 billion in punitive damages in 2006. The Uzans went to great lengths to avoid satisfying these judgments and remained in contempt of court. In February 2013, Motorola obtained a restraining order and served it on Standard Chartered Bank’s New York branch. While SCB found no Uzan assets at its New York branch, a global search revealed approximately $30 million in Uzan-related assets at its branches in the UAE. SCB froze those assets pursuant to the restraining order, but regulatory authorities in the UAE and Jordan intervened. The UAE Central Bank unilaterally debited about $30 million from SCB’s account, effectively causing SCB to face double liability. SCB sought relief from the restraining order, arguing that under New York’s separate entity rule, service on its New York branch could not freeze assets in foreign branches.
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