10th Circ. Says FSIA Protects Bank In Botched $50M Deal

Law360, New York (February 5, 2013, 10:26 PM EST) -- The Tenth Circuit on Tuesday affirmed that the Foreign Sovereign Immunities Act blocked a gas station owner from pursuing a suit against an Indonesian bank, after it refused to honor allegedly fraudulent bank guarantees backing a $50 million asset sale deal that fell through.

In a published opinion, the three-judge panel found that U.S. District Judge Dee Benson had correctly ruled that gas station and convenience store owner Theodore L. Hansen had failed to prove the authenticity of financial instruments  backing a $50 million deal to sell his...
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