Narrative Opinion Summary
Optimum Shipping Trading S.A. appeals a February 26, 2009, District Court order. During the appeal, the Second Circuit overruled Winter Storm Shipping, Ltd. v. TPI, establishing that electronic fund transfers processed by intermediary banks are not subject to attachment under Rule B, as decided in Shipping Corp. of India Ltd. v. Jaldhi Overseas Pte Ltd. Additionally, the court ruled that this decision applies retroactively in Haivknet, Ltd. v. Overseas Shipping Agencies. Consequently, the Second Circuit vacates the District Court's order and remands the case with instructions to issue an order to show cause regarding the dismissal of the complaint due to lack of personal jurisdiction based on these recent rulings.
Legal Issues Addressed
Attachment of Electronic Fund Transferssubscribe to see similar legal issues
Application: The Second Circuit established that electronic fund transfers processed by intermediary banks are not subject to attachment under Rule B.
Reasoning: During the appeal, the Second Circuit overruled Winter Storm Shipping, Ltd. v. TPI, establishing that electronic fund transfers processed by intermediary banks are not subject to attachment under Rule B, as decided in Shipping Corp. of India Ltd. v. Jaldhi Overseas Pte Ltd.
Personal Jurisdiction and Retroactive Legal Principlessubscribe to see similar legal issues
Application: The Second Circuit vacated the District Court's order and remanded the case due to a lack of personal jurisdiction, directing further proceedings in light of the new legal principles.
Reasoning: Consequently, the Second Circuit vacates the District Court's order and remands the case with instructions to issue an order to show cause regarding the dismissal of the complaint due to lack of personal jurisdiction based on these recent rulings.
Retroactive Application of Judicial Decisionssubscribe to see similar legal issues
Application: The Second Circuit ruled that the decision in Shipping Corp. of India Ltd. v. Jaldhi Overseas Pte Ltd. applies retroactively, affecting current and past cases.
Reasoning: Additionally, the court ruled that this decision applies retroactively in Haivknet, Ltd. v. Overseas Shipping Agencies.