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

Law360, New York (May 15, 2013, 7:06 PM EDT) -- 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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.