Case Summary:

Banco San Juan Internacional, Inc. v. The Federal Reserve Bank of New York arises from the Federal Reserve Bank of New York’s termination of Banco San Juan Internacional’s master account at the New York Fed, which the bank claims was unlawful under federal and state law.

At the lower court level in the Southern District of New York, Banco San Juan Internacional, a Puerto Rico international banking entity, sued the Federal Reserve Bank of New York and the Board of Governors of the Federal Reserve System after FRBNY closed its master account, arguing that it had a right to such an account under the Federal Reserve Act and that the closure violated the Administrative Procedure Act, the Mandamus Act, the Declaratory Judgment Act, the Fifth Amendment’s Due Process Clause, and New York contract law duties of care and good fai ...