Kering subsidiaries, Tiffany & Co., Gucci, Bottega Veneta, and Yves Saint Laurent, have been attempting to freeze the assets of supposed counterfeiters in Chinese banks. And, while two lower courts agreed with the fashion houses, last week, the 2nd Circuit Court of Appeals in New York remanded these decisions back to the lower court to determine whether U.S. judicial system has the authority to freeze accounts in overseas banks.
Brian Solis via flickr.com
This litigation began when the Kering companies sued several Chinese companies, alleging the sale of counterfeit products. The fashion houses claim that the counterfeiters’ assets in accounts with the Bank of China, China Merchants Bank Co. Ltd. and the Industrial and Commercial Bank of China Ltd. contain profits derived from selling counterfeit products, and thus the accounts should be frozen.