Legal Opinion
First Union National Bank v. Paribas
District Court, S.D. New York
Decided March 21, 2001No. 00 Civ. 5397(LAK), 00 Civ. 5398(LAK), 00 Civ. 5400(LAK), 00 Civ. 5401(LAK)Published
1Opinion of the Court
MEMORANDUM OPINION
KAPLAN, District Judge.
These cases have their origins in what appears to have been a massive fraudulent scheme perpetrated in London that now is under investigation by the Serious Fraud Office of the London police, has resulted in a number of arrests, and has led to extensive litigation there.
The essence of the scheme appears to have been as follows: A Middle Eastern corporation known as Solo Industries Limited (“Solo”) applied to many banks, chiefly located in the Middle East, for deferred payment letters of credit (“LCs”) in favor ' of a U.K. based company, Simetal Limited…
2Cases cited36 opinions
- Gulf Oil Corp. v. GilbertSupreme Court of the United States · 1947
- Piper Aircraft Co. v. ReynoSupreme Court of the United States · 1982
- Koster v. (American) Lumbermens Mutual Casualty Co.Supreme Court of the United States · 1947
- American Dredging Co. v. MillerSupreme Court of the United States · 1994
- Islamic Republic of Iran v. PahlaviNew York Court of Appeals · 1984
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