Foreign Investors Win Million Dollar California Jury Trial
On September 16, Arent Fox secured a favorable verdict for Lei Luo and LDJ Investments, Inc. following a week-long jury trial in the Superior Court of California County of Los Angeles. The plaintiffs are Chinese entrepreneurs in the EB-5 investment immigration program who were defrauded by a consultant and business manager.
Led by partner Malcolm McNeil, attorney David G. Bayles, and associate Grace Y. Du, Arent Fox argued that the defendants falsely promised guaranteed business success and immigration status, and exercised exclusively control over their clients’ financial investments in the United States, only to misappropriate assets for their own benefit.
A jury agreed to Arent Fox’s claims for breach of fiduciary duty, conversion, constructive fraud, and fraud in the inducement and awarded $1 million in damages.