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US judge authorizes fund to subpoena New York Fed for documents related to Radiant World - Finance news and analysis from Global Banking & Finance Review
Finance

US judge authorizes fund to subpoena New York Fed for documents related to Radiant World

Published by Global Banking & Finance Review

Posted on October 6, 2026

1 min read

· Last updated: October 6, 2026

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US Judge Allows Fund to Subpoena New York Fed in Radiant World Incident

US Court Decision on Subpoenas in Radiant World Case

Background of the Subpoena Authorization

NEW YORK, Oct 6 (Reuters) - A US judge on Tuesday authorized an investment fund that filed a criminal complaint in Switzerland against iron ore trader Radiant World to subpoena payments records from the Federal Reserve Bank of New York and the Clearing House Interbank Payments System.

Judge's Rationale for Granting Subpoenas

Assessment of Intrusiveness and Burden

US District Judge John Cronan in Manhattan said Mariner Atlantic Multi-Strategy LLC's requested subpoenas were not unduly intrusive or burdensome because they sought seemingly "easy-to-collect payments records related to specific accounts and a specific timeframe."

Necessity and International Cooperation

He also said subpoenas were appropriate because it was not otherwise possible for Mariner to obtain the records it sought, and Swiss courts were "receptive" to assistance from their US counterparts.

Response from Radiant World

Company's Reaction

Radiant World did not immediately respond to a request for comment outside business hours. 

Reporting Credits

(Reporting by Jonathan Stempel in New York; Editing by Christopher Cushing and Llincoln Feast.)

Key Takeaways

  • Mariner Atlantic alleges Radiant World falsified trade documents to obtain ~$49M in financing; it filed a Swiss criminal complaint on Sept 14 via Geneva prosecutors.
  • The subpoenas target specific accounts and timeframes to trace wire transfers through the New York Fed and CHIPS system, leveraging cross‑border discovery under 28 U.S.C. § 1782.
  • Radiant World faces mounting pressure—with KPMG appointed as judicial manager in Singapore and multiple lawsuits across jurisdictions—as other creditors pursue fraud and money‑laundering claims.

Frequently Asked Questions

Why was the New York Fed subpoenaed in the Radiant World case?
The investment fund Mariner Atlantic Multi-Strategy LLC was authorized to subpoena the New York Fed for payment records related to its criminal complaint against Radiant World.
Who authorized the subpoenas for payment records from the New York Fed?
US District Judge John Cronan in Manhattan authorized the subpoenas requested by Mariner Atlantic Multi-Strategy LLC.
What information is being sought from the New York Fed and CHIPS?
The subpoenas seek easy-to-collect payment records related to specific accounts and a specific timeframe.
Why were US courts involved in this Radiant World matter?
Swiss courts were receptive to assistance from US courts, enabling Mariner to obtain needed documents through the US legal process.
Did Radiant World respond to requests for comment?
Radiant World did not immediately respond to a request for comment outside business hours.

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