On November 30, BPI, together with the Institute of International Bankers, the Chamber of Commerce, and the American Bankers Association, submitted a motion for leave to file its amicus curiae brief with the Second Circuit Court of Appeals in Siegel v. HSBC Bank USA. The brief encourages the Court to reaffirm the appropriate statutory limits of secondary liability under the Anti-Terrorism Act, noting that under the plaintiffs’ theory, any bank providing clearing services in the U.S. could potentially be subject to substantial damage awards and reputational injury based upon terrorist acts committed without its knowledge or involvement. The brief addresses the potential chilling effect on international finance and trade associated with broadening secondary liability in ATA cases beyond that contemplated by the statute.
You Might Also Be Interested In...
Amicus Briefs BPI, Trades File Brief Supporting BofA Argument that National Law Preempts N.Y. Mortgage Escrow Rate Requirements
Amicus Briefs BPI, Joint Trades File Amici Brief in Goldman Shareholder Class Action Case Before SCOTUS
Consumer Affairs BPI Files Joint Amici Brief With Other Trades in California v. OCC Case on the OCC’s ‘Madden Fix’ Regulation
Amicus Briefs BPI Submits Amicus Brief in Hymes v. Bank of America National Bank Act Preemption Case
Amicus Briefs BPI Files Amicus Brief on Applicability of HOLA Preemption to Successor Banks in McShannock v. JP Morgan Chase
More Posts by This Author
Data Aggregators Idling on Data Aggregator Rules Jeopardizes Sensitive Data of 200 Million+ Consumer Accounts
Digital Assets BPI and Trade Coalition Responds to Basel’s Prudential Treatment of Cryptoasset Exposures