The Clearing House (TCH) filed an amicus brief with the U.S. Supreme Court in Republic of Argentina v. NML Capital, Ltd. The brief argues that the discovery order that the district court imposed on two banks to search their records across the globe for Argentine assets that could not be attached in a U.S. proceeding was improper because: (i) the order imposes severe burdens on banks and foreign sovereigns, subjecting nonparty subjects of nonparty financial institutions to massive and often contradictory discovery obligations, therefore harming important interests of foreign states and thus implicating significant sovereign immunity concerns, and (ii) no federal statute or court rule authorizes courts to order nonparties to produce foreign discovery for use only in foreign litigation.
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
Supervision & Enforcement FDIC’s Proposed Changes to Supervisory Appeals System Fall Short of Progress
Bank Capital and Stress Testing Governance and Authority of the Basel Committee on Banking Supervision
Cybersecurity Financial Trades Call for Accessible, Functional and Simple Cyber Incident Reporting Rules