Standby LC

Standby Issuance for a High-Valued Client and the “X” Factor

Temporary Injunction against LC Beneficiary in Credit Agricole Case Vacated on Appeal

Strabag, SpA v. Credit Agricole CIB case appeal

Standard Chartered, Truist Bank Form Trade Finance Partnership

Standard Chartered, Truist Bank Form Trade Finance Partnership to allow their customers to conduct global business more efficiently.

LCs Added as Financing Option for US DoD Foreign Military Sales

ICC & Swift Release API Standards for Guarantees & Standbys

The ICC announced on 13 August 2023 release of the first application programming interface (API) industry standards for bank guarantees

ERA Capital L.P. v. Soleil Chartered Bank [2023 No. 02845]

Investigations Expand into Vesttoo LC Fraud Allegations

The US Federal Bureau of Investigation’s (FBI) has reportedly begun its own probe into allegedly fraudulent letters of credit

ERA Capital L.P. v. Soleil Chartered Bank [2023 No. 651984]

Broadband Providers Push Back against US Gov LC Requirement

A coalition of internet service providers, broadband associations, and digital equity advocates in the US are challenging a requirement that applicants for federal broadband funding must furnish a letter of credit in order to receive funds.

Strabag, SpA v. Credit Agricole CIB [2023]

Three Sentenced to Prison in Standby LC Scam

Roy Johannes Gillar of Las Vegas, Harold Mignott of Voorhees, New Jersey, and Jerrid Douglas, of Freehold, New Jersey received prison sentences of six years, three years, and 45 months respectively, for their actions in a USD 1 million “upfront-fee” scheme which defrauded victims.