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Chinese bank face daily fine in US

The Bank of China will have to pay a daily fine in the US unless it complies with a court directive to give details of customers accused of selling fake goods. The Manhattan court has hauled the bank in a contempt of court issue for refusing to turn over the records. The government-owned bank is appealing the order and the fine of $50,000 a day starting on 8 December. It said it would be violating China’s privacy law if it gave the information. The records stem from a 2010 lawsuit by a group of luxury retailers including Gucci and Yves Saint Laurent that sued a group of Chinese companies for allegedly selling counterfeits goods like handbags. The luxury brands had asked US district judge Richard Sullivan to order the Bank of China to pay $12 million to cover their losses from counterfeiting or impose a fine. The judge had initially ordered the bank to provide the customer information in 2011 and then renewed the order in September.

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