New York Court Orders Worldwide Discovery of Cuban Assets

Thursday, April 30, 2015
This case could have major implications for the over $2 billion in outstanding civil and criminal judgments rendered by U.S. courts against the Cuban regime -- and for foreign entities operating in the U.S. that transact with the Cuban regime.

From the law firm, DLA Piper:

In a recent decision that is now on appeal, a New York federal judge ordered a Spanish bank, Banco Bilbao Vizcaya Argentina (“BBVA”), that maintained a New York branch to make inquiry of “all branches, within and without New York State,” for account information that would be relevant to a third-party’s execution on judgments against the Republic of Cuba. In rejecting the bank’s jurisdictional arguments, the court held that the bank’s registration with the New York Department of Financial Services as a foreign banking corporation was a sufficient jurisdictional connection with New York to require global compliance by the bank with the plaintiffs’ discovery requests. If it withstands appeal, the decision in Vera v. Republic of Cuba, could have long lasting implications for international banks that maintain a presence in New York.

Read more here.