All Service Exportacao, Importacao Comercio, S.A. v. Banco Bamerindus Do Brazil, S.A.

IRVING R. KAUFMAN, Circuit Judge:

Commercial letters of credit have facilitated the operation of international commerce over the centuries. This heated dispute over a hill of beans involves parties from three continents and provides a telling example of the geographical reach of this method of trading. Appellant All Service Exportacao, Importacao Comercio, S.A. (“All Service”), a Brazilian company, commenced this action in a New York State court to enjoin appellant Banco Bamerindus Do Brazil, S.A., New York Branch (“Ban-co”) and First Chicago International Bank (“First Chicago”) from honoring…