In a recent case involving the Uniform Rules for Collections, International Chamber of Commerce Publication No. 522, Moses Singer secured a dismissal with prejudice of all claims against our money center bank client.  The case arose out of documentary collections against acceptance, where the seller of goods alleged it was not paid for the goods and sued multiple defendants, including the bank and the buyer.   The bank was sued for alleged failures to carry out duties as “collecting bank” for a non-U.S. seller of garments to a U.S. wholesaler.  On Moses Singer’s motion to dismiss all claims against the bank, Judge Lewis J. Liman of the U.S. District Court for the Southern District of New York held that plaintiff failed to state any claim for breach of the bank’s duties under theories of breach of contract, breach of fiduciary duty, conversion, negligence, tortious interference with contract, bailment, fraud or civil conspiracy. 

If you would like a copy of the court’s ruling, please contact Michael Evan Avidon of our Banking & Finance practice group or David Rabinowitz of our Litigation practice group.