The Appellate Division, First Department, affirmed dismissal of a Commercial Division case Tuesday, holding that the transaction at issue did not have a “substantial nexus” to the state.
Ruling in Hanwha Life Ins. v. UBS AG, 651048/13, in which a Korean financial institution alleged fraud by Swiss bank UBS, the unanimous panel upheld a decision by Supreme Court Justice Charles Ramos. “The prospectus for the investment at issue was sent to plaintiff in Korea, the transaction was effected by plaintiff in Korea and defendant’s employees in Hong Kong, and the alleged injury to plaintiff was suffered in Korea,” the panel said in an unsigned opinion.
