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UBS Applies to Dismiss $500 Million Lawsuit in London, Filed by Chinese Billionaire for Share Margin Call
21st January 2022 | Hong Kong
UBS has applied to the London court to dismiss a $500 million lawsuit filed by Chinese billionaire Guo Wengui, for UBS force-selling of a stock (Haitong Securities) for margin call during a market rout in 2015 which wiped out all his investment.In the filing, UBS asked the London court to dismiss the suit on the ground that the London court does not have the right to hear part of the case.Previously, UBS had officially made a statement that it “strongly disagrees with the claim and will vigorously defend itself.” In 2021, UBS, Credit Suisse, Nomura, MUFJ and Morgan Stanley incurred losses of $10 billion for $120 billion Archegos Family Office margin call. Read: Credit Suisse, UBS, Nomura, MUFJ and Morgan Stanley Losses for Archegos Family Office Nears $10 Billion
“ UBS Applies to Dismiss $500 Million Lawsuit in London, Filed by Chinese Billionaire for Share Margin Call “
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Guo Wengui Exiled Chinese Billionaire
UBS Zurich
Guo Wengui is an exiled Chinese billionaire and known for his strong political opinions against Chinese leaders, fleeing to the United States in late 2014 on allegations of corruption, bribing, kidnapping, money laundering, fraud.
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