New York Court Applies Extraterritorial Jurisdiction Even Though None of the Parties or Property Are in the Jurisdiction

On June 4, 2009, the New York Court of Appeals decided a New York Court may issue a judgment ordering the surrender of foreign assets to garnishees even though the property, debtor, and creditor are all outside the jurisdiction. Although the case is a civil case, it has broad ramifications for criminal and enforcement matters, especially due to New York’s role as a base for international finance and the amount of international enforcement actions arising out of the alleged frauds during the ongoing global financial crisis...more