DCW Litigation Digest
Case Illustrates Perils of Drafting LC Draw Caps and Handling Non-Standard LC Transactions
In Natixis Funding Corp. v. GenOn Mid-Atlantic, the 5th Circuit addresses crucial aspects of letter of credit practice, exploring prepayment, collateralization, structured finance, indemnities, good faith limits, and consequences of drafting errors.
The “Navig8 Ametrine” [2022]
In a complex legal saga involving the purchase of light naphtha, a letter of credit mishap, and a cargo delivery dispute, the High Court of Singapore explores issues of contractual breach, the lawful holder status of bills of lading, and the application of English and Singapore law.
Project Stewart, LLC v. JPMorgan Chase Bank, N.A. [2022]
Beneficiary sued Issuer for Wrongful Dishonor.
The “STI Orchard” [2022]
OCBC sues STI Orchard and Winson Oil over losses in a deal with Hin Leong Trading involving 780,000 barrels of gasoil, leading to fraud-related losses. The transaction aimed at selling 36,000 mt of gasoline to PT Pertamina after blending.
KEB Hana Bank v. Seoul Insurance Corporation [2021]
Korean Supreme Court dismisses Instructing Bank's appeal in URDG458 case [2021]. Extend or Pay request ruled invalid; Counter Indemnitor not obliged to pay. Learn more about the construction dispute.
KEB Hana Bank v. Korea Export Insurance Corporation [2022]
Standby LC Issuer sued Counter Guarantor on Extend or Pay Request.
Malayan Banking Berhad v. Punjab National Bank [2022]
Negotiating Bank sued LC Issuer for breach of reimbursement undertaking.
