With Chinese fugitive tycoon Guo Wengui living in a $78 million apartment in Manhattan, Guo’s adversaries have flocked to New York state court in recent months to make claims against him. Guo, who is seeking asylum in the U.S., has argued that these disputes don’t belong in U.S. courts and on Wednesday a New York state judge agreed with him. Judge Barry Ostrager tossed the lawsuit that had been filed in Manhattan’s New York state court by a Hong Kong-based hedge fund against Guo, ruling that a New York state court was an inappropriate venue for such litigation. Guo will no doubt invoke Wednesday’s ruling in the Pacific Alliance lawsuit in the other proceedings pending against him in New York. Ironically, in his ruling Judge Ostrager invoked a lawsuit that Guo himself had filed against UBS in New York seeking $500 million he lost in a UBS margin call.

Source: Forbes September 20, 2017 21:03 UTC