HALKBANK BELATEDLY FILES ITS PETITION TO THE U.S. SUPREME COURT IN SDNY IRAN SANCTIONS EVASION CASE

After obtaining the maximum amount of delay permitted by the Court, Turkish Government-owned HALKBANK finally filed its Petition for a Writ of Certiorari before the United States Supreme Court. The bank is seeking a ruling on whether a government-owned financial institution can be charged with a crime under the Foreign Sovereign Immunities Act, which bars suits, though there are exceptions when there have been commercial contacts.

The issues framed in the Petition:

(1) That there is a conflict among the different Circuit courts of Appeal on the subject, giving rise to Certiorari, allowing the high court to take jurisdiction.

(2) That the case is "Exceptionally important and squarely presented."

(3) That the two lower courts erred in ruling against the bank, and ordering that the criminal proceeding must proceed.

Though the odds that the Court will take the case are small, it is still possible. We will monitor the proceedings until a decision as to whether it will be accepted is handed down.