NEW U.S. appeals court orders heavy contempt fines to begin against three large Chinese banks locked in a battle over customer financial records with U.S. prosecutors investigating possible North Korean sanctions violations. wapo.st/2ZhdUBg
Banks, unnamed in court papers but previously reported to be the Bank of Communications, China Merchants Bank and Shanghai Pudong Development Bank, face $50,000-a-day fines beginning next week.
Unanimous three judge ruling comes as formal, in-person US-China trade talks begin Wednesday in Shanghai, and amid reports of possible N.K. sanctions violations by Chinese telecom giant Huawei.
