White & Case's Co-Chair of Global Litigation Jonathan Polkes, counsel Tania Matsuoka and senior associate Veronica Gordon published an article in Law360 on the potential global impact of the recent Kashef v. BNP Paribas S.A. verdict on cross-border banking and risk management practices.
The article analyzes how a New York jury's multimillion-dollar award against BNP Paribas, based on Swiss accomplice liability law for conduct that was lawful under Swiss law and involved no remaining US defendants, could significantly expand the civil liability landscape for international financial institutions. The authors discuss how, if upheld, the decision could force banks to reassess how they price and manage risk in emerging markets and conflict zones and to expand due diligence and compliance to capture indirect human rights and third-party litigation exposure. They also highlight that banks may need to navigate a world where US courts apply their own interpretations of foreign law over the objections of the enacting sovereign, with serious implications for cross-border comity, capital flows and the predictability of US forums in international disputes.
Read the full article here.
Press contact
For more information please speak to your local media contact.
