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Loeb & Loeb LLP secured a victory on behalf of SACE S.p.A., when the U.S. District Court for the Southern District of New York granted a motion to dismiss a complaint alleging that the Italian state-owned company owed approximately $25 million to a trustee, allegedly based in New York.
The plaintiff alleged that SACE interfered with assignments by certain Italian companies to the plaintiff by withholding payments allegedly due under SACE-issued insurance contracts, which had purportedly been assigned to certain trusts. The judge ruled that there was no jurisdiction in New York over SACE, and sided with SACE on the basis of a contractual forum selection clause and forum non conveniens grounds as well.
The court's decision is reported as The Bank of New York Mellon v. SACE S.p.A., No. 10 Civ. 2510, 2011 U.S. Dist. LEXIS 2386 (S.D.N.Y. Jan. 6, 2011); The Bank of New York Mellon v. SACE S.p.A., No. 10 Civ. 2510, 2011 WL 102728 (S.D.N.Y. Jan. 6, 2011).
SACE S.p.A. was represented by William Hawkins and Daniel Besikof, in the New York office of Loeb & Loeb.
The plaintiff alleged that SACE interfered with assignments by certain Italian companies to the plaintiff by withholding payments allegedly due under SACE-issued insurance contracts, which had purportedly been assigned to certain trusts. The judge ruled that there was no jurisdiction in New York over SACE, and sided with SACE on the basis of a contractual forum selection clause and forum non conveniens grounds as well.
The court's decision is reported as The Bank of New York Mellon v. SACE S.p.A., No. 10 Civ. 2510, 2011 U.S. Dist. LEXIS 2386 (S.D.N.Y. Jan. 6, 2011); The Bank of New York Mellon v. SACE S.p.A., No. 10 Civ. 2510, 2011 WL 102728 (S.D.N.Y. Jan. 6, 2011).
SACE S.p.A. was represented by William Hawkins and Daniel Besikof, in the New York office of Loeb & Loeb.
