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FIRST CITY, TEXAS-HOUSTON, N.A. v. RAFIDAIN BANK

No. 90 Civ. 7360 JSR.

68 F.Supp.2d 377 (1999)

FIRST CITY, TEXAS-HOUSTON, N.A., Plaintiff, v. RAFIDAIN BANK and Central Bank of Iraq, Defendants.

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

November 1, 1999.

Attorney(s) appearing for the Case

Peter V. Baugher, Schopf & Weiss, Chicago, IL, Charles W. Fournier, O'Melvey & Myers, New York, NY, for Plaintiff.

Edward L. Powers & Patricia Lang Roer, Richards & O'Neil, LLP, New York, NY, for Defendants.

MEMORANDUM ORDER

RAKOFF, District Judge.

In February 1989, plaintiff First City, Texas-Houston, N.A. ("First City")1 extended $49.9 million in credit to defendant Rafidain Bank, a commercial bank wholly owned by the Republic of Iraq. Pursuant to a repayment agreement, Rafidain Bank made some initial payments to First City; but in or around August 1990, as one of the outgrowths of the Kuwaiti War, Iraq repudiated its foreign...

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