Chinese Banks Don’t Owe $150M in Nike Case, 2nd Cir. Says (1)

Six Chinese banks don’t owe a $150 million contempt penalty for allegedly letting Nike counterfeiters move money out of the U.S. in violation of a court order, the Second Circuit said.

Next Investments LLC, which bought the rights to try to collect Nike’s $1.8 billion default award, never sought to enforce the assets restraint before filing for contempt sanctions, the U.S. Court of Appeals for the Second Circuit said. It added that New York banking law may make it impossible to reach assets in foreign banks.

The court also said Next didn’t prove the banks did more than allow routine …

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Author: Guest Author