Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Banks in New York are routinely served with subpoenas seeking information and documents for use in other parties’ disputes. Where the banks are branches of foreign entities, and the subpoenas seek confidential depositor or client information held outside the United States, the consequence can be more than just expense and distraction, but legal and reputational risk as well. Disclosure potentially would involve breaches of confidentiality agreements and even foreign blocking statutes, and may suggest claims to eager plaintiffs that the banks themselves had participated in illegal activities. The grounds on which third-party recipients of the subpoenas can fight compliance are unsettled, but a recent decision by a U.S. District Court in the Southern District of New York provides significant support for aggressive efforts to resist disclosure. Still, the scope of non-party discovery obligations to which a New York branch bank remains subject are unclear, and this uncertainty points to actions the branches can take to minimize the exposure of their parents.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at customercare@alm.com


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.