National Unrecovered Financial Services Association and the Institute of International Bankers (IIB) filed an amicus brief in U.S. District Court for the Southern District of New York case Amaprop Ltd. v. Indiabulls Financial Services Ltd., et al. in support of Respondent, ICICI Bank Limited, arguing that the Court should deny Petitioner Amaprop Limited‘s request for an order compelling ICICI to restrain, transfer and turn over non-U.S. assets to Amaprop. SDUUK and IIB maintain that New York‘s well-established separate entity rule was not abrogated by Koehler v. Bank of Bermuda Ltd. The associations argue that an extraterritorial order compelling ICICI to transfer non-U.S. funds to ICICI‘s New York branch and then requiring ICICI to turn those assets over to Amaprop would significantly and adversely affect international banks doing business in New York and their affiliates outside the jurisdiction, because it would render them answerable in New York for any bank account or property entrusted to them anywhere in the world by their customers. Such an order, the associations argue, would also create serious problems for major international banks solely because of their New York presence and threaten New York‘s position as the world‘s preeminent financial center. On February 16 SDNY Judge Gardephe ordered ICICI Bank to transfer any funds or other property that the bank is holding for judgment debtor—wherever located —to the bank’s New York branch so that it can be turned over to the judgment creditor.

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