United States v. Pink

A New York branch of a Russian insurance company was nationalized by the new Soviet government in 1919, which canceled its debts and shareholder rights, though the branch kept operating in New York until state authorities placed Pink (defendant), the New York Superintendent of Insurance, in control of its assets in 1925. After paying U.S. creditors, over $1,000,000 remained; New York courts ordered it paid first to foreign creditors and then to the company's board, but that order was stayed once the United States asserted a claim. In 1933, the U.S. recognized the Soviet government and accepted its assignment of certain claims (the Litvinov Assignment), and the United States sued Pink to recover the remaining funds under that assignment.