Standby LC

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]

Manatee County (Florida) Defrauded of USD 1.4 Million

A Georgia (USA) man was arrested by detectives of the Manatee County (Florida) Sheriff’s Office and charged with Scheme to Defraud and Money Laundering and detectives have issued an arrest warrant for another Georgia man on charges of Scheme to Defraud and Conspiracy.

EFLO Energy v. Devon Energy Corp. [2023]

Glacier Bear Retreat, LLC v. Dusek [2023]

EU Maintains Capital Requirements for Performance-Related Trade Products

this has links to Feb 2023 DCW item on EU capital requirements