Friday, August 19, 2016

Case of the Day: Simmtech Co. v. Citibank, N.A., 2016 U.S. Dist. LEXIS 102698 (S.D.N.Y. Aug. 3, 2016)


Plaintiff, a Korean company, sued Citibank for charges of currency manipulation in Korea allegedly perpetrated by Citibank's Korean affiliate. Citibank moved to dismiss, claiming res judicata based on a separate SDNY case as well as a Korean case. The court dismissed the case.


Remember boys and girls--res judicata applies to foreign cases too! If you are a plaintiff implementing a multinational litigation strategy, you must consider the implications that a suit in one country would have over the next country. If you are a defendant, be aware of all legal proceedings around the world and make sure to use them to your advantage.

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