If you’re the bank’s attorney, the answer is always going to be the Cayman Islands. Nothing against Odessa, they just don’t have much of a beach.
But, if you are the bank, chances are you would rather be local if you need to sue. In the recent Fifth Circuit case Monkton Insurance Services v. Ritter, case 13-50941, the Fifth Circuit agreed with Cayman Island bank Butterfield Bank (Cayman) Ltd. that a lawsuit against the bank needed to be filed in the islands.
In the Monkton case, William Ritter formed a Cayman Island insurance company which was managed by the Cayman Island management company, Monkton. David Self was the Monkton employee that was in charge of managing the insurance company. Presumably, the insurance company was conducting legitimate business and performing reasonably well, because it had about $500K in its Butterfield Bank account which Self, allegedly, made off with.
Allegedly, Self forged Ritter’s signatures. Ritter was somewhat upset and demanded repayment, which Self paid by (again, allegedly) simply taking funds from other clients’ accounts. Lawsuits ensued.
Whereas Ritter lived in Odessa, Texas, Monkton sued Ritter for return of the cash that Self had paid to Ritter personally. Ritter then filed a third-party lawsuit against Butterfield Bank in Odessa (as part of the Monkton lawsuit). Basically, Ritter was claiming lender liability for failure to spot the forged withdrawal documents.