UBS Lost Appeal to London Court of Appeal to Dismiss $500 Million Lawsuit by Chinese Billionaire Guo Wengui & His Firm Ace Decade, UBS Force-Sell Haitong Securities in Margin Call During 2015 Market Rout
3rd March 2023 | Hong Kong
UBS has lost an appeal to the London Court of Appeal to dismiss a $500 million lawsuit by Chinese billionaire Guo Wengui & his firm Ace Decade, 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 February 2022, UBS had earlier 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 in 2022: “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 had 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.
” UBS Lost Appeal to London Court of Appeal to Dismiss $500 Million Lawsuit by Chinese Billionaire Guo Wengui & His Firm Ace Decade, UBS Force-Sell Haitong Securities in Margin Call During 2015 Market Rout “
London Court to Hear UBS $500 Million Lawsuit by Chinese Billionaire, Application to Dismiss Trial Fails
11th February 2022 – 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 had 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.
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.
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