Michael Devorkin & Matthew Daly Secure Court Victory in Case of First Impression

In a case of first impression in the First Department, Michael Devorkin and Matthew Daly secured a court victory in Abu Dhabi Commercial Bank PJSC v. Saad Trading, Contracting and Financial Services Company. With GEAB&P representing Abu Dhabi Commercial Bank, the Court unanimously affirmed the lower court’s decision in all respects to enforce in New York the Bank’s English judgment for approximately $40 million.  In particular, the appellate court rejected due process and other statutory claims asserted by the debtor in opposition to domestication of the non-U.S. judgment and accepted the Firm’s arguments that   (i) the recognition of the judgment against Saad Trading in New York did not require personal jurisdiction over Saad Trading in New York or the presence of Saad Trading’s property in New York; (ii) inconvenience of the New York forum is not a defense to recognition of the judgment; and (iii) the New York statutory post-judgment interest rate of 9% applies to the domesticated judgment running from the date it was issued in England. Most importantly, the decision holds that non-U.S. money judgments can be easily registered in New York without proof of any personal jurisdiction over the defendant.

To read the decision in its entirety, please click here.