NY Law Allows $118M Bank Asset Turnover, Top Court Told

Law360, New York (March 18, 2013, 2:38 PM EDT) -- New York state law allows a federal judge to order a Canadian bank to turn over $118 million held by its Caribbean subsidiary to the Northern Mariana Islands, the U.S. commonwealth told the state's top court Monday in a case that could impact Empire State judges' power over money stashed in faraway places.

But the Canadian Imperial Bank of Commerce, which has a presence in New York and is therefore subject to state law, told the New York State Court of Appeals that the bank does...
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