[Download] "Jp Morgan Chase Bank v. Altos Hornos De Mexico" by 2004 United States Court of Appeals for the Second Circuit August Term " Book PDF Kindle ePub Free

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eBook details

• Title: Jp Morgan Chase Bank v. Altos Hornos De Mexico
• Author : 2004 United States Court of Appeals for the Second Circuit August Term
• Release Date : January 22, 2005
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 80 KB

Description

J.P. Morgan Chase Bank (J.P. Morgan, bank, or appellant) filed a complaint in the United States District Court for the Southern District of New York before Judge Harold Baer seeking a judgment declaring that certain funds held in a collection account in the bank belonged to it. Appellee Altos Hornos de Mexico, S.A. de C.V. (Altos Hornos, debtor, or appellee), a Mexican steel manufacturer, had borrowed $330 million from a consortium of banks led by J.P. Morgan, which also managed the collection account for receiving the loan payments. Three Altos Hornos customers made payments directly into this collection account at the bank. Matters proceeded in the normal course until Altos Hornos filed for bankruptcy in Mexico, at which point the funds in the collection account became the subject of the instant litigation. The debtor moved to dismiss the banks complaint on grounds of international comity, asking the federal court in New York to defer to the bankruptcy court in Mexico. The district court granted that motion to dismiss. J.P. Morgan appeals.

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