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In bankruptcy proceeding brought by foreign government agency in New York federal court to recover assets of failed foreign banks seized by New York Superintendent of Banks, Second Circuit rejects New York agency's defense of immunity from suit under Eleventh Amendment.(Beogradska Banka DD, Jugobanka DD)

Publication: International Law Update
Publication Date: 01-MAR-07
Format: Online
Delivery: Immediate Online Access

Article Excerpt
The Superintendent of Banks of the State of New York (Defendant) seized $100 million in assets and property from two failed banks in Yugoslavia, namely, Jugobanka and Beogradska Banka. The banks had held licenses from the New York banking authorities for their New York operations, and were to...

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...thus subject New York's banking regulations. In 1992, amidst ethnic unrest within Yugoslavia, President George H. W. Bush froze the assets of certain Yugoslav entities, including the...

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