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NY appellate court denies RCBC appeal

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RIZAL Commercial Banking Corp. (RCBC) said Friday that its motion for leave to appeal a US court ruling on a case filed by Bangladesh Bank had been denied by the appellate division of New York's Supreme Court.

RIZAL Commercial Banking Corp. said Friday that its motion for leave to appeal a US court ruling on a case filed by Bangladesh Bank had been denied by the appellate division of New York's Supreme Court.'The bank received after the close of business on June 13, 2024, notice from counsel that the New York Appellate Division issued an order on June 13, 2024, denying the bank's motion for leave to appeal on the issue of forum non conveniens,' RCBC said in a stock exchange filing.

RCBC's initial attempts to dismiss the case were also unsuccessful. In January 2023, the New York Supreme Court denied the bank's motion to dismiss, asserting jurisdiction over the case.RCBC's subsequent appeal in March 2024 saw the dismissal of several claims, although several allegations remained.The Philippine bank has been struggling to move the case out of New York, citing jurisdictional challenges, but the US courts have consistently disagreed.

 

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