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MILLER v. WELLS FARGO BANK INTERN. CORP.

No. 1071, Docket 76-5004.

540 F.2d 548 (1976)

Alan B. MILLER, Trustee in Bankruptcy of American IBC Corp., Bankrupt, Appellee, v. WELLS FARGO BANK INTERNATIONAL CORP., Appellant.

United States Court of Appeals, Second Circuit.

Decided July 15, 1976.

Attorney(s) appearing for the Case

Charles L. Stewart, Dunnington, Bartholow & Miller, New York City, (Roger R. Crane, Jr., Dunnington, Bartholow & Miller, New York City), for appellant.

Harvey R. Miller, Weil, Gotshal & Manges, New York City, (Robert A. Weiner, Frederick J. Leffel, Weil, Gotshal & Manges, New York City), for appellee.

Before LUMBARD, ANDERSON and OAKES, Circuit Judges.

OAKES, Circuit Judge:

Arbitrage in foreign exchange — the simultaneous purchase and sale of foreign currency in order to profit from discrepancies between the sales price and the purchase price in separate markets — is a relatively sophisticated form of investment, and properly conducted may be entirely risk-free to the investor. Such a transaction may be equally risk-free, though even more exotic, when it includes...

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