The Bank of China is facing a daily fine of $50,000 (£33,191) from the US, unless it complies with a court request to hand over the details of customers who have been accused of selling fake luxury products. The fine follows a court ruling made in Manhattan yesterday, in which District Judge Richard Sullivan said the bank had refused to give the details. The fine is due to come into early next week. The Bank of China said it would not give the details because doing so would violate China's privacy law, and as a result it is appealing the civil order. Read more: Why China is key to securing London’s future The court ruling follows a lawsuit five years ago, in which a number of luxury brands including Gucci, Bottega Veneta and Yves Saint Laurent sued Chinese companies for selling counterfeit goods. They asked Sullivan to make the Bank of China pay $12m (£8m) to cover the losses they suffered. Following the decision to impose the fine, Sullivan said the state-run bank could still avoid paying it if it complied with requests for records in the meantime. He accused the bank of “manifest determination” to ignore the subpoenas: "BOC's refusal to comply with US law, while it continues to receive the benefits attendant to its banking activity in the United States, has inflicted a significant harm on plaintiffs and the general public," he wrote. “Only a large fine will have a coercive effect on BOC at this stage”
The Bank of China ( BOC ) will face a daily fine of $ 50,000 in the US unless it complies with a court order to give details of customers accused of selling fake goods . The bank is appealing the civil contempt order , which starts on 8 December , arguing that it would be violating China 's privacy law if it gave the information . This stems from a 2010 lawsuit by a group of luxury retailers , including Yves Saint Laurent and Gucci , who sued a group of Chinese companies for allegedly selling fake goods , such as handbags ; the defendants asked the US courts to allow BOC to pay $ 12 m to cover their costs or impose a fine , however , the bank has refused to provide information . " BOC 's refusal to comply with US law , while it continues to receive the benefits attendant to its baking activity in the US , has inflicted a significant burden on plaintiffs and the general public . Only a large fine will have a coercive effect on BOC at this stage " , said US district judge , Richard Sullivan . Sullivan has ordered the bank to cover the retailers legal costs ; however , BOC says the judge lacks the jurisdiction to force its compliance .