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Oct 17th, 2023

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$57 million EB-5 lawsuit by Chinese investors dismissed; judge says lack of English skills no excuse for not understanding subscription agreements

A New York federal judge dismissed a $57 million lawsuit filed in August 2022 by Chinese investors against the New York City Regional Center LLC. The investors alleged they were misled about an investment project involving a New York City bus station. The judge disagreed with the investors' arguments and ruled that fraud claims were time-barred as the investors received the offering memoranda in 2011. The judge also dismissed the investors' argument that their lack of English skills was a mitigating factor. "The law expected the investor plaintiffs to have the subscription agreements translated before signing them,” the judge stated.

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