Seward & Kissel attorneys secured a unanimous reversal at New York’s Appellate Division, First Department, dismissing a complaint against Deutsche Bank and an affiliate arising out of an electronic funds transfer.
July 18, 2016
On July 14, 2016, New York’s Appellate Division, First Department, unanimously reversed a decision by New York Supreme Court Justice Saliann Scarpulla which had denied a motion to dismiss a complaint against Deutsche Bank and an affiliate arising out of the bank’s role as an intermediary bank to an electronic funds transfer that had been frozen due to economic sanctions against the Sudan. The unanimous four-justice panel held in The Receivers of Sabena v. Deutsche Bank A.G., et al. that Deutsche Bank’s actions in returning funds to the originating bank upon issuance of an OFAC license were consistent with the UCC. Deutsche Bank was supported on the appeal by amici curiae The Clearinghouse and the Federal Reserve Bank of NY. The Seward & Kissel team members included Dale C. Christensen, Jr. and Michael B. Weitman.
Related Attorneys
Dale C. Christensen Jr.
(212) 574-1589
christensen@sewkis.com