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Our litigators handle investigations of bank fraud and money laundering (including matters related to the USA PATRIOT Act), conduct offshore discovery and discovery pursuant to letters rogatory, and provide representation and advice concerning indenture trustee activities. Our practice involves litigation concerning foreign banks in the United States, as well as disputes involving letters of credit and interest rate and currency swaps.

• For more than a century, Davis Polk has represented many leading U.S. and non-U.S. banks in litigation.

• We represented Nissho Iwai, a Japanese manufacturing conglomerate, in an action against Korea First Bank alleging that the bank dishonored a revolving standby letter of credit providing for payment in the aggregate of $75 million. The New York trial court granted summary judgment to our client, which was affirmed by the N.Y. Appellate Division, First Department. The New York Court of Appeals ultimately awarded Nissho Iwai $95 million. Because of the widespread use in New York's financial markets of revolving standby letters of credit issued in significant amounts, the decision is likely to be viewed as a precedent of importance.
• We represented JPMorganChase concerning claims brought by Sumitomo, a Japanese bank, arising from the rogue copper trading of a former Sumitomo employee. Sumitomo claimed losses of approximately $2.5 billion. The matter resulted in a $125 million settlement.
• We represented Hungarian National Bank, its president and two subsidiaries as defendants in an action for fraud and civil conspiracy brought in the U.S. District Court of Nevada. The case was dismissed.
• We represented National Westminster Bank, a U.K. financial institution, in litigation against the Internal Revenue Service regarding interest expense allocation among branches.
• We represented Aegon, a Dutch insurance company, in a dispute arising out of a loan agreement with Clemente Holdings.