The Bank of China will face a daily fine in the US unless it complies with a court request to give details of customers accused of selling fake goods.

The bank was held in contempt of court in Manhattan last week for refusing to turn over the records.

The state-owned lender is appealing the civil contempt order and 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 (BOC) to pay $12m (£8m) to cover their losses from counterfeiting or impose a fine.

http://www.bbc.com/news/business-34981059

 

iTRACE Technologies, a global leader in secure anti-counterfeiting and supply chain security solutions, is pleased to announce the appointment of Gary Nelson as the Director of Business Development PALO ALTO, Calif., Dec. 27, 2023 /PRNewswire-PRWeb/ — iTRACE Technologies, a global leader in secure anti-counterfeiting and supply chain security solutions, is pleased to announce the appointment of Gary Nelson as the Director […]

FOR IMMEDIATE RELEASE iTRACE Technologies Announces Kieran Guller as Chief Technology Officer Palo Alto CA, June 10th 2023 – iTRACE Technologies, a leading provider of secure anti-counterfeiting and supply chain security solutions, is delighted to announce the appointment of Kieran Guller, as its new Chief Technology Officer (CTO). Guller brings a wealth of expertise and […]

iTRACE featured on the Identiv podcast Season 1 Episode 29 on August 18th. We’re talking with Mark Manning, Founder and CEO of iTRACE Technologies, a Silicon Valley company specializing in supply chain security. Mark takes our listeners on a journey that breaks down blockchain, cryptocurrency, and NFTs, making the technologies accessible to all. https://www.identiv.com/resources/podcasts/building-blockchain-crypto-and-nfts-s1e29

AIM Congratulates 2022 Case Study Winners Recognizing innovators of digital technologies that deliver exceptional traceability results Taking the win for the Blockchain category is iTRACE Technologies, Inc.. Their case study featured a large US based aircraft equipment manufacturer in the used and refurbished parts business. The customer realized including parts provenance data with the parts […]