Don’t Bank on the Billions: Chinese Banks Appeal to Second Circuit in Effort to Dodge Fine for Failing to Help Enforce $1.8 Billion Counterfeiting Judgment
By EsqSocial Corporation 30/10/20
The Bank of China and four other Chinese banks (the Banks) are urging the Second Circuit to reject a requested $150 million contempt sanction for allegedly perpetuating the sale of counterfeit Nike and Converse products by failing to freeze assets of counterfeit sellers. The Banks, non-parties to the underlying counterfeiting lawsuit, argued that the fine was an “extreme” sanction that would upend long-standing rules of international banking....
By: Arent Fox