Opinion ID: 721069
Heading Depth: 1
Heading Rank: 1

Heading: facts

Text: 3 This dispute involves two promissory notes in the amount of 3,812,000,000 yen each. Kabushiki Kaisya Bunkosya (Bunkosya), a Japanese corporation, issued the notes in Japan, to be paid at the Kyobashi branch of a Japanese Bank. Despite prohibition on the export of Japanese promissory notes, plaintiffs, Tennecal Funding Corporation and Tennecal Capital Resources (collectively, Tennecal), two American corporations, were eventually assigned the notes in the United States and sought to collect on them. Sakura Bank refused to honor the notes because the original issuer of the notes, Bunkosya, had terminated its current account at Sakura Bank, and because Bunkosya, had bounced notes previously and had been suspended from banking transactions by the Tokyo Clearing House. 4 Plaintiffs brought suit against Sakura Bank in California state court. Sakura Bank removed the action to federal court on the basis of diversity jurisdiction and moved to dismiss the case under the doctrine of forum non conveniens. The district court found Japan to be the proper forum, and dismissed the case. This appeal followed. II