Pursuit of Big Nike Counterfeit Win Clashes With Banking Law (Bloomberg Law)

Bloomberg Law, October 29, 2020

Pursuit of Big Nike Counterfeit Win Clashes With Banking Law

But the Banking Law Committee for the New York City Bar Association and the European Banking Federation both backed the Chinese banks. Their briefs primarily focused on the importance of the separate entity rule, which they said creates legal order where banks could otherwise face conflicting laws. The rule guards against double-liability and mitigates ‘potentially enormous burdens’ on courts and banks of global asset searches and judgment enforcement, the NYCBA brief said. ‘Courts have consistently upheld the separate entity rule both because its abolition would endanger the vibrancy and prosperity of New York, and because it is supported by numerous compelling rationales,’ the NYCBA added.

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