New York Court of Appeals
Indosuez International Finance B v. Respondent, v. National Reserve Bank, Appellant
May 7, 200298 N.Y.2d 238
Summary
The New York Court of Appeals affirmed that New York law governs the forward currency exchange agreements between Indosuez International Finance B.V. and National Reserve Bank, that the confirmations are valid under apparent authority, that New York personal jurisdiction exists over the Russian bank, and that the court has subject‑matter jurisdiction under Banking Law § 200‑b. The court relied on the parties' choice‑of‑law and forum clauses, the location of payments, and the contacts with New York to reach these conclusions.