Posted on April 15, 2019
The Second Circuit heard oral argument on March 25 in In re Application of Antonio del Valle Ruiz. Del Valle Ruiz was an investor in Banco Popular Español who lost his investment when the EU and the Spanish government put the bank into receivership and sold it for € 1 to Banco Santander. Del Vale Ruiz sought to annul the bank liquidation in the Court of Justice of the EU, and it sought discovery from Santander in New York under § 1782. The court held that Santander (including Banco Santander, S.A., Santander Holdings U.S.A., Inc., and Santander Bank N.A.) was not “found” and did not “reside” in New York, as the statute requires. Del Valle Ruiz appealed.