STORY FROM: Reinsurance & Arbitration

Foreign Banks Can Be Held Liable for U.S.-Based Commercial Activity, High Court Rules

WASHINGTON, D.C. — International organizations, such as foreign banks, have the same level of immunity from lawsuits as foreign governments and can be sued if their actions fall within one of the exceptions to the Foreign Sovereign Immunities Act, the U.S. Supreme Court has ruled.

In a Feb. 27 opinion authored by Chief Justice John Roberts, the high court found the International Organizations Immunities Act does not shield foreign corporations from liability for actions such as those based upon commercial activity that has a sufficient connection with the United States.

Justice Steven Breyer was the sole dissenter, opining that international ...

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