On March 1, 2022, District Court Judge Denise Cote of the Federal District Court, Southern District of New York, granted Kane Kessler’s motion to dismiss various claims for alleged violations of the Securities Exchange Act, arising from a failed EB-5 immigrant investor visa application. Granting Kane Kessler’s motion in its entirety, the Court rejected Plaintiff’s efforts to assert stale time-barred claims based on the theory that Defendants engaged in some form of an ongoing fraudulent scheme, finding instead that Plaintiff failed to identify any alleged fraudulent conduct with the applicable statute of limitations. The Court also granted Kane Kessler’s motion to dismiss Plaintiff’s common law fraud claims, agreeing that these claims too were time-barred.
The attorneys for the Firm who represented the Defendants were Dana M. Susman, Arthur M. Rosenberg, and David A. Gold of the Firm’s Litigation Department. See Bai v. Tegs Mgmt., LLC, No. 20CV4942 (DLC), 2022 WL 602711, at *1 (S.D.N.Y. Mar. 1, 2022).