Chinese banks escape $150 mln sanctions at 2nd Circ. in Nike counterfeiting case

Six Chinese banks weren’t liable for a potential $150 million in sanctions for failing to freeze the assets of hundreds of Nike counterfeiters, the 2nd U.S. Circuit Court of Appeals ruled last week. Next Investments LLC, a Houston-based unit of litigation finance firm Tenor Capital Management LP, bought the rights to the $1.8 billion default award from Nike but failed to seek enforcement of the freeze against the banks for nearly six years before asking the court to hold them in contempt, U.S. Circuit Judge Michael Park wrote for a unanimous three-judge panel. More from Reuters.