The 2022 LC Law Summit - New York will be held in New York at the S&P Global's NY office (at 55 Water St.) plus virtually via Zoom on October 19.
This conference is ideal for lawyers working for firms or banks, as well as bankers and corporate LC users with an active interest in banking law and a desire to further their knowledge of how legal issues are impacting LC practice today.
Law firms that are serious about trade finance matters and banks with significant LC portfolios will want to be represented for this full-day program.
What to Expect
- A Dynamic & Instructional environment
- Collegial atmosphere conducive to real conversations
- Gain understanding of future trends as they impact your daily operational work
- A unique cross section of legal, operations, and compliance with a focus on solutions for practical implementation.
Who Should Attend:
- In-house Counsel
- Lawyers outside of banking institutions dealing regularly with trade transactions
- Banking Staff - including trade operations staff and management, any staff included in trade transactions.
- Corporate - Sales, services, FinTech, and industries involved in trade finance
- Government Personnel dealing with regional or global concerns in cross border finance
8:30-9:00 Registration & Check-In
9:00-9:10 Welcome & Introduction
Welcome Remarks: Michael BYRNE (IIBLP)
9:10-9:15 LC Lawyer of the Year: Michael Avidon, Moses & Singer
9:15-10:00 Legal Views on Top Issues Impacting LCs and Trade Finance
- Implications of Sanctions on LC Practice
- LSTA's Syndicated Revolving Credit Agreement: How is it Being Used?
- Supply Chain Finance Techniques: The Good and the Bad
- ESG Requirements and Reputational Considerations
- URDTT's First Year Report Card
- Previewing the New US UCC Article 12 for Controllable Electronic Records
10:00-11:00 Pre-Honor Cases-Dishonor, Fraud, and Repudiation
- Kuliarchar Sea Foods (Cox's Bazar) Ltd. v. Soleil Chartered Bank, 2022 NY Slip Op 50691(Alleged wrongful dishonor of LC demand; opinion deals with discovery disputes, i.e. motion to strike and others)
- Vanpoy Corp., S.R.L. v. Soleil Chartered Bank, 2022 WL 1086345 (App. Div., 1st Dept, April 12, 2022) (Court affirmed a grant of summary judgment on a breach of contract claim against bank for not paying an LC)
- Eurobank Ergasias S.A. v. Bombardier Inc. (Quebec Court of Appeal, 7 June 2022), (Wrongful dishonor of demand on Letter of Guarantee; Counter-Guarantee issued by respondent)
- Preble-Rish Haiti, SA v. Republic of Haiti, Court of Appeals, 5th Circuit 2022 (Failure to obtain agreed on LC to support fuel contracts; reversing trial court's finding that Republic of Haiti expressly waived sovereign immunity regarding attachment of prejudgment interest)
- UPS Supply Chain Solutions, Inc. v. Directed Electronics, Inc., No. 2:20-cv-10305-ODW (RAOx), slip op. (C.D. Cal. Aug. 9, 2022) (LC issued by US bank regarding transaction in Korea; demand dishonored as air waybill allegedly non-conforming; judicial notice of Korean judicial proceedings/orders)
- MashreqBank PSC, New York Branch v. Indian Overseas Bank, 2022 NY Slip Op 30704(U) (Alleged wrongful dishonor on UCP600 LC; separate proceedings in India; motion to dismiss action denied)
- Malayan Banking Berhad v. Punjab National Bank [Malaysia], (breach of reimbursement agreement under negotiable UCP600 LC)
11:00-11:30 Coffee & Networking Break
11:30-12:15 ICC Rules, Standards, Opinions and Guidance Papers
- Rules & Standards: What's Broken & Can It be Fixed?
- TA Briefings on Non-Documentary Conditions, "Without Delay", and Discrepancy Rates
- Recent ICC Opinions of Consequence
12:15-1:00 Standby Use in Commercial Real Estate Lease Transactions
- Thor 680 Madison Ave. LLC v. Qatar Luxury Group S.P.C., 2022 WL 836890 (SDNY March 21, 2022) (Real estate lease backed by USD 12 million LC)
1:00-2:00 Lunch Break
2:00-2:45 Pain Points LC Bankers and Corporates are Dealing with
- Are Banks Meeting, Exceeding, or Underachieving as Regards Your Expectations?
- How Well do Banks Respond to Customized Wording in Guarantees & Standbys?
- Building a Stronger Business Relationship: What can Banks do Better?
2:45-3:30 Government-Mandated LC Forms
Mandated forms have often foisted on issuers and applicants a "take-it-or-leave-it" false choice. What's gotten better, what's still unworkable, and what options may be available to cope with mandated forms? This panel will attempt to address and educate on troubling wording in LC forms.
3:30-4:00 Coffee & Networking Break
4:00-4:45 Litigation Involving Sanctioned Transactions and Parties
The world of sanctions is anything but straightforward. Lawyers and practitioners have to consider not just the wording of the sanction, but also how regulators will interpret certain activity as compliant or not and how the courts decide on a particular situation. Sometimes regulators take a position that does not align with the legal view of a transaction and sometimes a court case of the past can still be relevant. This panel will take up these and other layers of complexity surrounding sanctions.
4:45-5:30 Post-Honor Cases-Recoveries Realized for Issuer, Applicant, or Beneficiary?
- In Re GenOn Mid-Atlantic Development, LLC, Court of Appeals, 5th Circuit 2022 (Original action brought in NY District Court; transferred to Texas Bankruptcy Court; after losing in both actions, Natixis appealed to 5th Circuit challenging jurisdiction and other rulings; Affirmed in all respects)
- KEB Hana Bank cases [Korea] (three decisions on extend or pay requests as valid demands for payment)
- Lockwood v. Oliver, No. 8:20-cv-1990-JLB-TGW, slip op. (M.D. Fla. May, 13, 2022) (Advanced Fee Scam re Standby LC)
- Calderon v. United States, Dist. Court, D. Connecticut 2022 (Related to criminal law case re forged B/Ls and USDA import/export program; Pro se Calderon seeking habeas corpus relief to vacate sentencing)
5:30-6:00 Summary of Critical Issues, Raffle Draw, and Closing Remarks
For more information about this conference visit https://www.researchandmarkets.com/r/kex8kt