2nd Circ. Rules For Bank In $118M Asset Forfeiture Case

Law360, New York (May 15, 2013, 7:06 PM ET) -- The Second Circuit ruled Wednesday that a Canadian bank does not have to hand over $118 million allegedly held by its Caribbean subsidiary to a U.S. commonwealth to settle a former resident's tax bill, backing a New York high court decision tightening the limits on asset turnovers.

A three-judge panel unanimously rejected a bid by the Northern Mariana Islands to force the Canadian Imperial Bank of Commerce, which has a presence in New York and is therefore subject to state law, to cough up assets belonging...
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