Kobre & Kim’s International Judgment Enforcement Team Scouts New Territory in High-Profile Asset Tracing Matter

March 18, 2013

Publication: Law 360

Kobre & Kim’s International Judgment Enforcement team scouted new legal territory in asset recovery on March 18 as firm co-founder Michael S. Kim argued in front of the New York State Court of Appeals that, under N.Y. C.P.L.R. § 5225(b), the New York courts have the authority to order Canadian Imperial Bank of Commerce (CIBC) to turn over funds in possession of its Caribbean subsidiary, FirstCaribbean International Bank (FCIB), a 92%-owned subsidiary of the bank. Mr. Kim, in seeking to enforce the US $118 million judgment against William H. Millard and Patricia H. Millard, further argued that CIBC is able to turn over the funds and that “mere formality should not prevent it [CIBC] from doing so.”