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CREDIT AGRICOLE v. ROSSIYSKIY

94 N.Y.2d 541 (2000)

729 N.E.2d 683

708 N.Y.S.2d 26

CREDIT AGRICOLE INDOSUEZ et al., Respondents, v. ROSSIYSKIY KREDIT BANK et al., Appellants.

Court of Appeals of the State of New York.

Decided March 30, 2000.

Attorney(s) appearing for the Case

Stroock & Stroock & Lavan, L. L. P., New York City (Charles G. Moerdler, Brian M. Cogan and Charles E. Torres of counsel), for appellants.

Dewey Ballantine, L. L. P., New York City (A. Grant McCrea, Robert C. Myers, James P. Smith, III, and Joshua R. Weiss of counsel), for respondents.

Chief Judge KAYE and Judges BELLACOSA, SMITH, CIPARICK, WESLEY and ROSENBLATT concur.

OPINION OF THE COURT

LEVINE, J.

Plaintiffs are three foreign banking institutions suing on unsecured debts totaling some $30 million of defendant Rossiyskiy Kredit Bank (Rossiyskiy), a Russian banking institution, guaranteed by defendant Rossiyskiy Kredit Securities PV. Plaintiffs were participants in a syndicate which purchased some $200 million of Rossiyskiy's first series debentures in 1997. The debentures were due September 29, 2000, bearing a fixed...

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