Moses & Singer triumphs as a friend of the Court

September 16, 2006

In a recent ground breaking New York appeals court decision, Michael Evan Avidon, who focuses his practice on letter of credit law and litigator David Rabinowitz led the team at Moses & Singer that filed an amicus curiae (friend of the court) brief on behalf of a leading bank trade association. The appeals court adopted the amicus’s position advocated by Moses & Singer that, regardless of where a letter of credit is to be performed, if the parties choose New York law and a New York forum, a ruling of a foreign court on their rights will not be enforced in New York, and the New York court will judge the case for itself. The appeals court recognized that, “As a primary financial center and a clearinghouse of international transactions, the State of New York has a strong interest in maintaining its preeminent financial position and in protecting the justifiable expectation of the parties who choose New York law as the governing law of a letter of credit.”