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MATTER OF NY AGENCY

223 A.D.2d 184 (1996)

645 N.Y.S.2d 779

In the Matter of the Liquidation of The New York Agency and Other Assets of Bank of Credit and Commerce International, S. A. Superintendent of Banks of the State of New York, Appellant; Citic Industrial Bank, Respondent In the Matter of the Liquidation of The New York Agency and Other Assets of Bank of Credit and Commerce International, S. A. Industrial Bank of Japan, Limited, Appellant; Neil D. Levin, Respondent

Appellate Division of the Supreme Court of the State of New York, First Department.

July 18, 1996

Attorney(s) appearing for the Case

Howard S. Zelbo of counsel (Thomas J. Moloney, Barry D. Ford and J. Michal Roebuck on the brief; Cleary, Gottlieb, Steen & Hamilton, attorneys), for Superintendent of Banks, appellant.

John S. Kiernan of counsel (John H. Hall, Barton Legum and Jeremy Feigelson on the brief; Debevoise & Plimpton, attorneys), for CITIC Industrial Bank, respondent.

Wayne Charles Matus of counsel (A. John P. Mancini and Mark A. Strauss on the brief; Christy & Viener, attorneys), for Industrial Bank of Japan, appellant.

Eric L. Lewis and A. Katherine Toomey of counsel (Nussbaum & Wald, attorneys), for court-appointed fiduciaries of the principal BCCI Corporations, amicus curiae.

ROSENBERGER, RUBIN, KUPFERMAN and MAZZARELLI, JJ., concur.

MILONAS, J. P.

On July 5, 1991, the Superintendent of Banks of the State of New York seized the New York Agency of the Bank of Credit and Commerce International, S. A. (BCCI), a worldwide venture incorporated in Luxembourg, whose financial stability had been the subject of international headlines during the early part of that year. This action was taken in coordination with liquidators elsewhere around the world...

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