Most of the world’s dollar transactions flow through correspondent bank accounts in New York. Thus, it is important to understand how using a New York correspondent account can subject a non-U.S. defendant to the jurisdiction of a New York court.
Indeed, in many cases involving banks and commercial enterprises, the defendant’s only connection to the United States will be its use of a U.S. correspondent bank account. Plaintiffs often try to exploit the non-U.S. defendant’s use of a New York correspondent account to support jurisdiction over the non-U.S. defendant in civil suits arising from largely (if not entirely) non-U.S. criminal conduct. For example, plaintiffs may allege that the defendant was involved in fraud, corruption, money laundering, or terror financing that has nothing to do with the United States, except that certain payments were in dollars and thus cleared through a New York correspondent account.
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