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TCH Joins Amicus Brief on the Separate Entity Rule

The Clearing House Association joined the Institute of International Bankers, the New York Bankers Association, and the European Banking Federation in an amicus brief urging the Appellate Division of the NY Supreme Court to uphold the trial court’s order quashing information subpoenas served to several NY branches of foreign banks seeking information on accounts of the defendant held at their offices overseas. The brief takes the position that NY’s separate entity doctrine serves important public policy concerns in protecting banks from violating privacy laws of foreign jurisdictions and from double liability, which would happen if they were forced to turn over assets or deposits that are located in foreign jurisdictions and that this doctrine was not overturned by a prior decision of the NY Court of Appeals.