Event speakers and program agenda topics are subject to change
8:30 – 9:00 Registration & Check-In
9:00 – 9:30 Welcome & Introducing Yourselves
9:30 – 10:30 The Trade and Capital Pulse Check
Kicking off the day, this panel takes the pulse of global trade and working capital trends—what’s moving markets, reshaping deal structures, and shifting the role of SBLCs in 2025. From credit tightening and geopolitical headwinds to new tools for liquidity and risk mitigation, our experts will unpack the forces shaping today’s trade finance landscape—and what’s around the corner.
- Syndicated SBLC best practices for large groups
- Non-Documentary Conditions as stipulated by US Rev UCC 5-108(g)
- ICC Adjustment on Sanctions Guidance
- Blocked Accounts: The Lummus Technology decision
- Start Spreadin’ the News: NY Adoption of UCC Amendments
- Electronic Signing of Documents as per UCP and ISBP
- ICC Technical Advisory Briefings on Confirmation and Procedure for Payment
- Surrendered Bills of Lading – What ICC Says about Them
- ISBP Revision Status & ISBP Education Project Update
- Does UCP600 Art. 36 provide protections to Apps and Bene's?
Moderator: Lorna STRONG (Consultant)
Panelists: Jose MORAN (Baker McKenzie); Rebecca FRUCHTMAN (Mayer Brown); Michael AVIDON (Moses & Singer); Glenn RANSIER (Wells Fargo); SOH Chee Seng (ABS & IIBLP)
10:30 – 10:45 Networking Coffee
10:45 – 11:30 LCs on Trial: What the Courts are Telling Us
Injunction Cases
- Strabag SPA v. Credit Agricole, CIB (damages sought due to injunction)
Recovery of Proceeds of Draw
- Stevens v. Newman (breach of fiduciary duty, conversion claims based on misapplication of LC proceeds)
- EG Trading Group Inc. v. PGB Group Texas LLC (standing to assert wrongful dishonor, NY UCC Sec. 5-111)
LC Uses
- PennEnvironment & Sierra Club v. Dep't of Envtl. Prot. (whether LC sufficient to cover remediation costs in perpetuity)
- Education Creditor Trust v. U.S. (bank creditors that backed $88 Million LC sued U.S. Dept. of Education for drawing on LC for purposes and uses not contractually permitted)
- Pacific Summit Energy v. WP& G Holdings LLC (fraud by controlling person inducing plaintiff to issue an LC for controlling person’s power company).
Moderator: Paul RODER (Moses & Singer)
Panelists: Rebecca FRUCHTMAN (Mayer Brown); Robert McFARLANE (Moses & Singer); Joseph NISA (Nisa Law Firm)
11:30 – 11:45 Coffee & Networking Break
11:45 – 12:30 Deals Gone Dark: FinCrime and Sanctions Disputes
A review of recent court decisions involving independent undertakings and sanctions & fraud matters including:
- DMF v. DMG [Singapore] (charterparty arrangement with email evidence showing terms that mentions on B/Ls of Iran are to be omitted and mentions of Iranian ports should instead reflect other Middle East port(s))
- Russian Aircraft Lessor Policy Claims [2025] EWHC 1430 (Comm) [England] (can lenders who lost aircraft stuck in Russia recover USD billions through their war risk insurance coverage from major insurers?)
- BCP v. CAO (Singapore Court dismisses Issuer’s appeal Beneficiary’s letter of indemnity was false and fraudulently made)
- White Rock Insurance (SAC), Ltd. v. China Construction Bank Corp. (forged LCs totaling nearly USD 2 Billion)
Moderator: Lorna STRONG (Consultant)
Panelists: SOH Chee Seng (IIBLP); Frank FORTES (TD
12:30 – 1:30 Lunch Break
1:30 – 2:15 Brick by Brick: SBLCs in Real Estate
SBLCs are widely used in real estate to secure leases, back construction obligations, and support development deals—but they come with legal complexity. This panel explores key issues in structuring and enforcing real estate standbys, from demand wording and fraud risk to cross-border enforcement and landlord-tenant disputes.
- Vesta Liberty Street LLC v. ELX, LLC, 2024 WL 4653024 (D. Conn. Nov. 1, 2024) (LC Lease Case)
Moderator: Mike AVIDON (Moses & Singer)
Panelists: Manny FISHMAN (Buchalter); Nahum PALEFSKI (Moses & Singer); Frank PETRASSI (JPMorgan)
2:15 – 2:30 Coffee & Networking Break
2:30 – 3:00 When Insolvency Intervenes: Who Gets Paid — and Who Gets Left Behind
Drawing on past and present cases, the panel will explore how bankruptcy cases are managed from a legal perspective and how banks can mitigate the risks in their agreements or other means.
- In re Star Development Group (Question of cash collateral for LC was property of debtor in bankruptcy or property of the entities contributing the cash)
- In re Spiegel (claim denied for loss of CDs pledged to issuing bank by applicant’s son to secure LC draw which was honored and CDs liquidated)
Moderator: Carter Klein via Zoom (Jenner & Block)
3:00 – 3:45 True Sale or Secured Loan? Legal Risks in SCF
From receivables purchases to payables financing, SCF structures create legal exposure beyond credit risk. Our experts examine enforceability issues, true sale analysis, and fraud vulnerability in SCF programs—and how lawyers can structure better protections from day one.
Moderator: Lorna STRONG (Consultant)
Panelists: Rick MARTINEZ (Hogan); Mike AVIDON (Moses & Singer); Geoff WYNNE (Sullivan & Worcester)
3:45 – 4:00 Coffee & Networking Break
4:00 – 4:40 LCs as Appeal Bonds
Supersedeas LCs don’t always get a smooth ride through the courts. From challenges over recoverable costs to rejections for unclear terms and fights over how proceeds can be used once drawn, recent cases offer cautionary tales. This panel examines key rulings and shares practical drafting and structuring tips to keep your supersedeas LC from stalling on appeal.
- Tracy v. Surofchek (whether costs in obtaining supersedeas LCs were recoverable by judgment debtor)
- U.S. v. I-44 Truck Center (supersedeas LC disallowed because of right to add terms that do not vary materially the form given to the court and the draw term was not clear)
- Nickloy, Albright & Gordon LLP v. Indy E Cigs, LLC (supersedeas LC to attorneys; proceeds once drawn can be used to pay judgment and fees)
Moderator: Carter Klein via Zoom (Jenner & Block)
