Rasheed Al Rushaid, Appellants v. Pictet & Cie, Respondents

Summary

The New York Court of Appeals held that Pictet & Cie’s repeated use of New York correspondent bank accounts to launder bribe money constituted purposeful transacting of business under CPLR 302(a)(1), establishing personal jurisdiction and satisfying the nexus requirement; the Appellate Division’s dismissal was reversed and the case remanded for further proceedings. The decision was contested by a dissent and a concurrence, which are summarized separately.