US judge imposes daily fine of US$50,000 against Bank of China
Bank is being held in contempt for not turning over account information of customers accused of selling fake goods
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New York
A US judge will impose a daily fine of US$50,000 against Bank of China Ltd (BOC) starting next week after holding it in contempt for refusing to turn over account information on Chinese customers accused of selling counterfeit luxury goods.
In a decision made public on Tuesday, US District Judge Richard Sullivan in Manhattan said that the "coercive fine" will be imposed starting on Dec 8 unless the state-run bank complies with subpoena requests for the records.
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