2nd Circ. Blows Over Winter Storm Precedent

Law360, New York (October 16, 2009, 4:35 PM EDT) -- A federal appeals court has overturned its own precedent in the problematic Winter Storm case, in which it had held that electronic fund transfers processed by an intermediary bank are subject to attachment under the Federal Rules of Civil Procedure.

The U.S. Court of Appeals for the Second Circuit overruled its Winter Storm decision Friday and remanded to a district court a case involving The Shipping Corporation of India Ltd. and Jaldhi Overseas Pte Ltd.

Though the Second Circuit never heard the case en banc, the...
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