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Browse: Home / 2013 / November / 20 / Shareholders Obtain $882 Million Default Judgment in Longtop Financial Securities Suit — The D & O Diary

Shareholders Obtain $882 Million Default Judgment in Longtop Financial Securities Suit — The D & O Diary

By Securities Docket on November 20, 2013, 7:36 am

On November 14, 2013, Southern District of New York Judge Shira Scheindlin entered a default judgment order including a damages award of $882.3 million against Longtop Financial Technologies Ltd. and its former CEO, Wai Chau Lin. A copy of the order can be found here. However, as impressive as the size of this award is, the plaintiffs now have to try to enforce the judgment against the company and former CEO, both of whom are located in China and both of whom already proved elusive for purposes of service of process.

via Shareholders Obtain $882 Million Default Judgment in Longtop Financial Securities Suit — The D & O Diary

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Posted in Class Actions, Top | Tagged China, Judgments

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