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CONTINENTAL TIME CORP. v. SWISS CREDIT BANK

No. 81 Civ. 7389 (MEL).

543 F.Supp. 408 (1982)

CONTINENTAL TIME CORP., Plaintiff, v. SWISS CREDIT BANK, Swiss Air Transport Co., Ltd. and S. H. Pomerance Co., Inc., Defendants. S. H. POMERANCE CO., INC., Third-Party Plaintiff, v. The MERCHANTS BANK OF NEW YORK and Martin Staub, Third-Party Defendants.

United States District Court, S. D. New York.

July 19, 1982.

Attorney(s) appearing for the Case

Kraver & Martin, New York City, for plaintiff; Richard M. Kraver, Roy I. Martin, Lewis S. Fischbein, New York City, of counsel.

Milbank, Tweed, Hadley & McCloy, New York City, for defendant Credit Suisse.

Edward Cobert, Garden City, N. Y., for defendant S. H. Pomerance Co., Inc.

Condon & Forsyth, New York City, for defendant Swiss Air Transport Co., Inc.

Simon, Meyrowitz & Meyrowitz, New York City, for third-party defendant The Merchants Bank of New York.

LASKER, District Judge.

Continental Time Corp. ("Continental") sues to recover damages allegedly arising out of Credit Suisse's ("Swiss Credit") wrongful refusal to honor its obligations under an irrevocable letter of credit. The letter of credit was issued on January 10, 1980, in favor of Continental. On January 21, 1980, Continental assigned its entire interest in the letter of credit to S. Frederick & Company ("Frederick") and to Arlington Distributing Co....

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