Ryu v. Hope Bancorp, Inc.

Plaintiff: Suk Joon Ryu
Defendant: Hope Bancorp, Inc.
Case Number: 1:2018cv01236
Filed: February 12, 2018
Court: New York Southern District Court
Office: Foley Square Office
County: XX Out of State
Presiding Judge: Jed S. Rakoff
Nature of Suit: Other Contract
Cause of Action: 28:1332
Jury Demanded By: None

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Date Filed#Document Text
April 26, 2018 34 Opinion or Order of the Court OPINION AND ORDER re: 14 MOTION for Summary Judgment filed by Suk Joon Ryu, 19 MOTION to Dismiss filed by Hope Bancorp, Inc: In sum, defendant's motion to dismiss is denied and plaintiff's motion for summary judgment is gran ted in part. The Court finds that Ryu is entitled to advancement of the fees and costs he has incurred in connection with the Government Investigations and in defending against the Embezzlement Action, with the exception of those fees and costs incur red in connection with the civil claims arising out of allegations that Ryu stole two computers from BankAsiana upon his departure. Moreover, Ryu's "defense" against the Embezzlement Action does not include any counterclaims or cross-c laims apart from his first claim for defamation and his claim for illegal seizure of funds. Finally, the Court intends to transfer this action to the federal district court for the District of New Jersey so that that court may determine what fees hav e been incurred thus far and establish a summary procedure for the advancement of fees going forward. New Jersey would be a proper venue for this action since "a substantial part of the events or omissions giving rise to the claim" occurred there. 28 U.S.C. § 1391(B). The case is before this Court only because of a forum selection provision in the Merger Agreement. Prior to the commencement of this action, plaintiff requested that Hope Bancorp waive that provision so that this act ion could be heard in New Jersey, and Hope Bancorp refused the request. Def. Counter 56.1 Statement at paragraph 43. At the April 9, 2018 hearing, counsel for defendant consented, subject to consultation with his client, to transferring the action to New Jersey in the event that the Court were to deny defendant's motion to dismiss. See Tr. at 15:3-16:8. Counsel for plaintiff also consented. See id. Counsel for defendant shall notify the Court by no later than April 25, 2018 whether or not his client consents to the transfer of venue. The Clerk is directed to close the entries at docket numbers 14 and 19. (Signed by Judge Jed S. Rakoff on 4/24/2018) (jwh)

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Plaintiff: Suk Joon Ryu
Represented By: Michael Alan Freeman
Represented By: Stephen G. Harvey
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Defendant: Hope Bancorp, Inc.
Represented By: Michael Munjun Yi
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