Mirae Asset wins U.S. lawsuit against China’s Anbang

South Korean investment bank Mirae Asset Daewoo Co. and affiliates have won a U.S. court case against Anbang Insurance Group, after Mirae ended a $5.8 billion deal to buy 15 U.S. hotels from Anbang, reported Reuters.

A consortium led by Mirae agreed last year to buy the hotels from Anbang; however, Mirae did not close the deal on the scheduled April 2020 date, saying that Anbang’s representations and warranties were inaccurate and failed to satisfy conditions, which led Anbang to file the suit.

The Delaware Court of Chancery, presided by Vice Chancellor Travis Laster, found that the Anbang company that owns the hotels made extensive changes to its business because of COVID-19, such as employee layoffs, furloughs and closing amenities.

This led to a failure to meet a condition th