Capital Currency Exchange v. National Westminster Bank and Barclays Bank 155 F.3d 603
FACTS: Capital Currency Exchange (CCE) is a financial organization that engaged in retail currency exchange and transferring money between the United States and England. CCE and its affiliates maintained a banking relationship with Barclays UK. In 1992 Worldcash wanted to acquire a New York State money transmission license. A $500,000 needed to be posted for the New York State banking authorities. On behalf of Worldcash, CCE prepared a line of credit as security for the bond with Barclays UK in 1991. Barclays UK and CCE severed ties in May of 1995 after Barclays UK informed CCE it needed to use another banker for future business. The facts of the split are disputed by both parties. National Westminster Bank also denied services to CCE which led CCE to believe that Barclays UK was conspiring against them. CCE brought suit and claims the conspiracy violates antitrust laws under the Sherman Act.
Barclays UK and National Westminster argued that the case should be dismissed under the Forum Non Conveniens Doctrine.
ISSUE: Is the another adequate forum to resolve the dispute under the Forum Non Conveniens Doctrine
LAW: The Forum Non Conveniens Doctrine states that an alternative forum is adequate if: (1) the defendants are subject to the service of process there; and (2) the forum permits litigation of the subject matter of the dispute.
ANALYSIS: The District Court found that the English courts are an adequate alternative forum to solve the dispute between all parties involved. The English courts have the power to award damages based on violations of antitrust law. The court made it clear that although treble damages are unavailable, it does not render a forum inadequate.
CONCUSION: Affirmed in favor of Barclays UK and National Westminster Bank
