In 2016, the New York Court of Appeals issued its decision in Al Rushaid v. Pictet & Cie, holding that allegations of a foreign bank's intentional and repeated use of a New York correspondent bank account to facilitate a customer's kickback scheme constituted the transaction of business sufficient to confer personal jurisdiction. 28 N.Y.3d 316, 329 (2016).

The decision divided the court and garnered significant attention given the extent of correspondent bank accounts in the state. In its wake, foreign banks and their counsel have devoted considerable effort to distinguishing Al Rushaid or cabining its impact through other arguments, like forum non conveniens.