Nov 24 (Reuters) - A U.S. judge said on Tuesday Bank of China Ltd would face a financial penalty for refusing to turn over account information of Chinese entities accused of selling counterfeit luxury goods.
U.S. District Judge Richard Sullivan in Manhattan, firing off the lastest salvo in the battle between China and the United States over financial transparency and national sovereignty, held that the bank must pay an undisclosed amount in fines for withholding its customers' records.
The records sought involve Chinese entities that were sued in 2010 by subsidiaries of luxury goods conglomerate Kering SA , including Gucci Group, Bottega Veneta and Yves Saint Laurent. The companies subpoenaed the Bank of China seeking records of the alleged counterfeit sellers' accounts.
(Reporting by Brendan Pierson in New York; Editing by Tom Brown)