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1:22-cv-07081
Illinois Northern
160 Contract: Stockholders Suits
Honorable LaShonda A. Hunt
An Illinois federal judge told a group of Chinese investors and a development fund on Wednesday they both must provide additional information in a suit accusing the fund of making off with $13.2 million intended for the development of a Hawaii resort.
Two dozen Chinese investors who alleged that $13.2 million worth of their investments in a Hawaii resort went missing has urged an Illinois federal judge to sanction developers for not giving them important case information, including contact information for one defendant who they said is an "obvious flight risk."
Chinese investors looking to recoup a nearly $40 million investment in failed developments urged an Illinois federal court against allowing bankrupt developers to use $150,000 in assets to pay the developers' attorneys, saying the lawyers shouldn't be paid before the investors.
A group of Chinese investors dropped their claims against a consortium of entities and individuals that drummed up EB-5 funds to develop a Hawaii hotel, saying they'll take their attempt to recoup $13.2 million in missing investments to arbitration.
A group of Chinese investors filed suit against a handful of entities and individuals that solicited funds for a Hawaii hotel that qualified the foreign investors for EB-5 visas, telling an Illinois federal court that the $13.2 million they invested is missing.