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

Summary

The New York Court of Appeals reversed the Appellate Division, holding that the foreign bank Pictet & Cie’s repeated use of New York correspondent accounts to launder bribe money constitutes purposeful transacting of business under CPLR 302(a)(1) and that the plaintiffs’ claims arise from those contacts, satisfying both prongs of the long‑arm test and the constitutional due‑process requirements. The court remanded for further proceedings on the defendants’ alternative dismissal grounds. The dissent argued that mere maintenance of a correspondent account is insufficient for jurisdiction, while the concurrence agreed with the majority’s result but emphasized that the decision does not overturn established precedent.