China Ex-Im Can't Get Grenada's US Funds, 2nd Circ. Told

By Kelly Rizzetta (January 11, 2013, 5:00 PM EST) -- The island country of Grenada on Wednesday urged the Second Circuit to block China's export-import bank from using Grenadian funds held in the U.S. to pay itself back for some of the $28 million in unpaid infrastructure loans it made to the Caribbean nation.

In Wednesday's brief, Grenada encouraged the court to uphold the June 2012 judgment of U.S. District Judge Harold J. Baer, who found that the two targeted sets of funds, one of which Grenada won in an unrelated arbitration, are off limits to the Export-Import Bank of the Republic of China.

"In sum, the district court found that...

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