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Bank of China has decided to hand over the counterfeit records to the U.S. magistrates after receiving a court order to pay a fine of US$50,000 per day.
“By making today’s document production, Bank of China has complied with the court’s orders and believes it has purged its contempt," said the bank’s lawyer, adding that by handing over the documents, the bank is no longer liable for the daily sanction.
The jurisdiction battle was brought forward by Kering, the luxury conglomerate, which has held the bank in contempt for refusing to hand over the account information of Chinese suspects accused of selling counterfeit luxury goods.
In November 2015, the Manhattan based U.S judge accused the bank of refusing “to comply with U.S. law, while it continued to receive the benefits attendant to its banking activity in the United States.” Read more here.
Source: Bloomberg Business