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INDOSUEZ v. NATL RESERVE BANK

98 N.Y.2d 238 (2002)

774 N.E.2d 696

746 N.Y.S.2d 631

INDOSUEZ INTERNATIONAL FINANCE B.V., Respondent, v. NATIONAL RESERVE BANK, Appellant.

Court of Appeals of the State of New York.

Decided May 7, 2002.

Attorney(s) appearing for the Case

Milbank, Tweed, Hadley & McCloy LLP, New York City (Jeffrey Barist, William R. Spiegelberger and Kylie Davidson of counsel), for appellant.

Dewey Ballantine LLP, New York City (A. Grant McCrea, James P. Smith III, Carol A. Polizzi and Joshua R. Weiss of counsel), for respondent.

Chief Judge KAYE and Judges LEVINE, CIPARICK, WESLEY, ROSENBLATT and GRAFFEO concur.

OPINION OF THE COURT

SMITH, J.

The primary issue on this appeal is whether New York law or Russian law should govern the forward currency exchange transactions entered into between plaintiff Indosuez International Finance B.V. (IIF) and defendant National Reserve Bank (NRB). We hold that New York law applies.

Between 1997 and July 1998, IIF, a Netherlands corporation, and NRB, a Russian bank, entered into...

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