Banco De Vizcaya v. First Nat. Bank of Chicago

MEMORANDUM OPINION

GRADY, District Judge.

Plaintiff Banco de Vizcaya brings this suit to recover on an irrevocable letter of credit issued by the Abu Dhabi branch of the First National Bank of Chicago (“FNBC-AD”). Before the court is the motion of defendant First National Bank of Chicago (“FNBC”) to dismiss the complaint or, in the alternative, for summary judgment. Because we look beyond the pleadings, we treat the motion as one for summary judgment. For reasons discussed below, we grant summary judgment in plaintiff’s favor. 1

I. Facts

The material facts, while somewhat complex, are undisputed.…