Citibank, N. A. v. Wells Fargo Asia Ltd.

At issue here is whether the home office of a United States bank is obligated to use its general assets to repay a Eurodollar deposit made at one of its foreign branches, after the foreign country’s government has prohibited the branch from making repayment out of its own assets.

I

The case arises from a transaction in what is known in the banking and financial communities as the Eurodollar market. As the District Court defined the term, Eurodollars are *663United States dollars that have been deposited with a banking institution located outside the United States, with a corresponding obligation on…