LOS ANGELES -- A decision this month by the U.S. Court of Appeals for the Ninth Circuit should eliminate bankers' concerns about liabilities when they advise on letter-of-credit transactions, the law firm of Jones, Day, Reavis & Pogue said.

In a case involving an alleged associate of the late Philippines leader Ferdinand Marcos, the court limited bank's liability on a letter of credit that, by a Philippines government decree, was not consummated.

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