Sullivan & Cromwell Partners reported on the October 16 decision from the U.S. Court of Appeals for the Second Circuit which overrules the controversial 2002 decision in Winter Storm Shipping, Ltd v. TPI. Winter Storm Shipping, Ltd v. TPI dealt with havoc wreaked upon the administration of hundreds of electronic funds transfers passing through intermediary banks in New York every day. This Court of Appeals decision, which was pursued by the New York banking community, is significant in that it will significantly strengthen New York's standing as a key center for international fund transfers and bolster the U.S. dollar as the currency of choice for international business transactions.