Successfully defended a securities firm “C” against all claims in an unjust enrichment and damage compensation lawsuit brought by an Optimus Fund investor
2024.07.12.
Yulchon successfully defended a securities firm “C” against all claims in a lawsuit brought by an investor in Optimus Fund for return of its investment claiming unjust enrichment, and payment of additional damages.
The plaintiff alleged that it was misled into investing due to the defendant’s incorrect explanation that Optimus Fund only purchased safe assets, such as receivables from public institutions. Based on this, the plaintiff argued that the fund sale agreement was invalid, and thus the invested amount should be returned as unjust profit, and that the defendant violated its investor protection obligations and should pay compensation.
Yulchon, based on detailed analysis of massive amounts of criminal records concerning the Optimus Fund fraud, demonstrated that the plaintiff company was actually run by individuals involved in the above fraud, and that the plaintiff's subscription to the Fund was not a genuine investment, but rather a means to return funds to Optimus Fund that had been received as disguised payments for convertible bonds. Fully accepting Yulchon’s argument, the court dismissed the plaintiff’s claims on grounds that the plaintiff subscribed to the Fund with knowledge of its unlawful asset management practices, and that its investment decision was not influenced at all by the defendant.
Yulchon’s persistence and tenacity were evident in successfully persuading the court, highlighting how this case was distinct from other typical Optimus Fund fraud-related lawsuits, despite the prevailing trend of courts holding fund sale financial institutions liable for investors' losses. The success in this case reaffirms our firm's exceptional expertise in defending clients against intricate financial claims.
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