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| In the News |
| Andrew Chung of 1955 Capital Venture Company Recklessly Breached Fiduciary Duties, Arbitrator Ruled in Unsealed Documents | |
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The arbitrator in a fraud and breach of fiduciary duty case determined that 1955 Capital venture capital company founder Andrew Chung recklessly breached his fiduciary duties toward sole investor Global Industrial Investment Limited (GIIL) in a $200 million fund, according to documents recently unsealed by a federal judge.
Chung and his company, 1955 Capital, have repeatedly sought to keep the documents sealed to prevent their open examination. Judge Vince Chhabria of the U.S. District Court for the Northern District of California denied those efforts and ordered most of the key documents to be made public. The arbitration documents reveal that shortly after receiving GIIL’s initial deposit of $80 million in November 2015, Chung secretly made “unilateral changes” to the limited partnership agreements between GIIL and 1955 Capital that directly benefitted Chung and his company and “fundamentally changed the risks” of GIIL’s investment, the arbitrator determined. Under these changes, even a small missed payment by GIIL would allow 1955 Capital to cancel GIIL’s entire interest in the funds resulting a total forfeiture of GIIL’s initial $80 million deposit. Continue reading >> |
| Ruling Will Unseal Andrew Chung of 1955 Capital Breaches of Fiduciary Duty to Sole Venture Capital Investor GIIL, GIIL Attorney Says | ||
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SANTA CLARA, Calif.--The plaintiff in a fraud and breach of fiduciary duty lawsuit against venture capital company founder Andrew Chung today said it believes a judge’s decision to unseal documents will benefit its efforts to ultimately prevail in its litigation against the venture capitalist.
U.S. District Judge Vince Chhabria denied a petition to overturn an arbitration award as sought by investor and plaintiff Global Industrial Investment Limited (GIIL) in a case against 1955 Capital. However, the judge has denied 1955 Capital’s request to seal the arbitration award and the associated exhibits in their entirety and will allow the disputed arbitration award, or at least portions of it, and the parties’ entire briefings to be unsealed. Continue reading >> |
| 1955 Capital and Andrew Chung Attempt Censure, Block Media Coverage of Fraud and Breach of Fiduciary Duty Claims | |
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After new legal filings and arbitration demands were made by plaintiff Global Industrial Investment Limited (GIIL), sole investor in the 1955 Capital funds, Andrew Chung and 1955 Capital’s attorneys sent threatening letters to the news media to demand the news media remove any mention of the fraud and breach of fiduciary duty claims.
“The news media, the Silicon Valley venture capital community and the public should be outraged that 1955 Capital and Mr. Chung attempted to bully the media and censure coverage of his wrongdoings,” said Yan Zhang, attorney at the law firm of Baker Botts, which represents GIIL, which is suing 1955 Capital and its founder Andrew Chung. Continue reading >> |
| Senreve Founder Coral Chung, Husband Andrew Chung, Sued For Fraud | ||
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San Francisco – Silicon Valley venture capital firm 1955 Capital and its solo managing partner Andrew Chung is facing another new legal challenge by its sole investor which seeks to enforce the investment terms in its deal with the Los Altos, Calif., venture investment company.
Global Industrial Investment Limited (GIIL), the sole investor in the two funds managed by Andrew Chung and 1955 Capital, filed the arbitration on October 29, 2019 to enforce the investment terms requiring Mr. Chung to make investments only in specified areas. The arbitration demand was filed with the International Centre of Dispute Resolution. Continue reading >> |
| Andrew Chung of 1955 Capital Faces New Legal Claim in U.S., According to GIIL | ||
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| CEO and Wife Coral Chung of Senreve sued for Fraud in China | ||
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SAN FRANCISCO, CA — Silicon Valley venture capital firm 1955 Capital and its solo managing partner Andrew Chung is facing another new legal challenge by its sole investor which seeks to enforce the investment terms in its deal with the Los Altos, Calif., venture investment company.
Global Industrial Investment Limited (GIIL), the sole investor in the two funds managed by Andrew Chung and 1955 Capital, filed the arbitration on October 29, 2019 to enforce the investment terms requiring Mr. Chung to make investments only in specified areas. The arbitration demand was filed with the International Centre of Dispute Resolution. Continue reading >> |
| Andrew Chung of 1955 Capital Sued for Breach of Fiduciary Duty in Scheme to Steal $80 Million from Major Investor | ||
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Los Altos, Calif.—Venture capital company founder Andrew Chung is being sued by a major investor for breach of fiduciary duty for secretly changing contractual language in a scheme to steal $80 million of its money, according to a lawsuit filed this week in Santa Clara County Superior Court.
Chung, who founded 1955 Capital, is being sued by Global Industrial Investment Limited (GIIL), a wholly-owned subsidiary of China Fortune Land Development, a publicly-traded real estate company and leading developer and operator of industrial mixed-use projects in China. Continue reading >> |
  
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