In a case with wide implications for the global banking industry, New York's highest state court has been asked to decide if banks operating in the state can be forced to turn over to litigants assets held in their foreign branches. At issue are two high-profile cases being heard by the U.S. 2nd Circuit Court of Appeals. The cases involve U.S. companies that are trying to reach assets held overseas by UK-based Standard Chartered Plc and Bank of China. In a ruling on Tuesday, a three-judge panel for the 2nd Circuit in Manhattan delayed a decision on the lawsuits, saying they raise policy concerns that should be resolved by the New York Court of Appeals. "The questions presented by these appeals involve important issues of New York state law and policy that are likely to recur and may have important effects on a highly regulated industry," the 2nd Circuit court wrote. At stake is whether companies can evade the enforcement of judgments by keeping assets in overseas banks. The
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