London Court to Hear UBS $500 Million Lawsuit by Chinese Billionaire, Application to Dismiss Trial Fails
11th February 2022 | Hong Kong
UBS has failed to dismiss the trial in the London court to hear UBS $500 million lawsuit 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. The London High Court Justice Sara Cockerill said: “UBS was a critical part of the deal structure … The misstatements relied upon were made about UBS London’s policies. The claim resides in a disconnect between what he was told about the policies and intentions of the London branch were and what those policies actually were.” In January 2022, 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
“ London Court to Hear UBS $500 Million Lawsuit by Chinese Billionaire, Application to Dismiss Trial Fails “
Guo Wengui Exiled Chinese Billionaire
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.
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
For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors
Sign Up / Contact Us
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
- Learn More | Caproasia Users
- About Us | Caproasia Platforms, Events, Membership, Users
- Caproasia.com | You are already here
- Caproasia Access | Access to All Platforms, Events, Information, Services
- The Financial Centre | Find Private Banks, Family Office Services, Hedge Funds
- The Membership | Join a Powerful Network
- The 2022 Investment Day | $250k to $10 million per Placement
- Investor Relations Network | Join a Powerful Network
- Family Office
- Professional Investor
- Professional Investor Partnership
- HNW Investor Partnership
- Monthly Investment Day
- The Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
- Caproasia User
- Family Office Circle
- Family Office Networking
- Family Office Roundtable
- The 2021 / 2022 Family Office Summit
