Awards & Rankings
Source: China Business Law Journal, Law.com
Awards & Rankings
Press Contacts: Erik Cummins, Matt Hyams, Olivia Thomas
03.26.24
Pillsbury’s advisement of clients Huzhou Chuangtai Rongyuan Investment Management Partnership, Huzhou Huihengying Equity Investment Partnership and Huzhou Huirongsheng Equity Investment Partnership—each part of Chinese asset manager Zhongzhi Group Enterprises—has been recognized as one of the standout Cross-Border Dispute Resolution matters of 2023 by China Business Law Journal. The “historic award enforcement” of the landmark dispute was honored as part of the outlet’s annual Deals of the Year report.
The case (Huzhou Chuangtai Rongyuan Investment Management Partnership et al. v. Qin, 1:21-cv-09221) stemmed from the three investors’ purchase of 1.5 billion yuan ($208 million) worth of equity in Chinese billionaire Hui Qin’s company Chengdu Run Yun Culture Communication Co. Ltd. ahead of its stock market listing. “Burned” by Culture Communication’s ultimately failed IPO, the investment companies filed for arbitration with the China International Economic and Trade Arbitration Commission (CIETAC) alleging that Qin failed to meet certain performance criteria in their investment deals.
The CIETAC tribunal agreed with the investors and ordered Qin to pay each more than $150 million in damages and other costs. In the words of the China Business Law Journal, “Pillsbury’s multiple motions to compel post-judgment discovery were successful, leading to sanctions against Qin and the production of crucial evidence.” Qin subsequently challenged the arbitration outcome, but a U.S. federal judge rejected his claims and upheld the $457 million award to investors. Just this week, the judgment was affirmed by the Second Circuit. The China Business Law Journal has confirmed that this is “the largest Chinese arbitration award ever confirmed in the U.S.”
In addition to the China Business Law Journal recognition, the team received a "shout out" from Law.com's Litigator of the Week column for their efforts in the historic award enforcement. To see the recognition, click here.
The litigation team advising the Zhongzhi Group investors in the dispute was led by partner Geoffrey Sant and included partners Andy Smith, Ronald Cheng, Carol Lee and Hugh Ray III, and associates Sarah Madigan, Fangwei Wang, Catherine Perez and Reed Trechter.
To learn more, click here.