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BYBLOS BANK v. SEKERBANK TURK

10 N.Y.3d 243 (2008)

885 N.E.2d 191

855 N.Y.S.2d 427

BYBLOS BANK EUROPE, S.A., Appellant, v. SEKERBANK TURK ANONYM SYRKETI, Respondent.

Court of Appeals of the State of New York.

Decided March 20, 2008.

Attorney(s) appearing for the Case

DLA Piper US LLP, New York City (Andrew L. Deutsch and Krista Sirola of counsel), for appellant.

Paul, Hastings, Janofsky & Walker LLP, New York City (George L. Graff, Richard C. Schoenstein and Asa R. Danes of counsel), for respondent.

Chief Judge KAYE and Judges CIPARICK, GRAFFEO, READ, SMITH and JONES concur.

OPINION OF THE COURT

PIGOTT, J.

Plaintiff Byblos Bank Europe, S.A. is a Belgian bank and defendant Sekerbank Turk Anonym Syrketi is a Turkish bank. According to Byblos, in 1988, it issued two $2.5 million loans to Sekerbank. The loans were apparently obtained by a Sekerbank employee who issued a fraudulent loan guaranty to Byblos and ultimately embezzled the money. After initially paying some interest due...

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