KOZINSKI, Circuit Judge.
In this case we answer the question that must be on everyone's mind: May a letter of credit applicant subrogate to the position of the issuing bank and sue the confirming bank for fraud, negligence and violation of the Uniform Commercial Code?
Tokyo Kogyo Boeki Shokai (Kogyo), a Japanese importer, contracted with West Road America to import construction panels from Washington state to Japan. To finance the deal, Kogyo had Mitsubishi...
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