MAP Marine Ltd. v. China Construction Bank Corp.

Order, Supreme Court, New York County (Richard B. Lowe, III, J.), entered May 27, 2010, which denied defendant Banca Monte dei Paschi di Siena S.p.A.’s (Banca Monte) motion to vacate the judgment, same court and Justice, entered August 14, 2009, awarding plaintiff judgment in the principal sum of $5,950,000, unanimously affirmed, with costs.

In this action, MAP Marine Ltd., the disponent owner of a vessel, seeks to recover on a $5,950,000 transfer letter of credit against the issuer’s advising and transferring bank, Banca Monte. This sum is based on money due pursuant to a time charter of the…