South Korean Financial Institution Achieves Complete Dismissal

Skadden client Woori Bank — one of South Korea’s oldest financial institutions — achieved the complete dismissal of a complaint alleging that the bank stole €8 billion from an account holder. Woori Bank’s motion to dismiss detailed the inconsistencies in alleged transaction dates, account numbers and wire transfer details, showing that the plaintiff’s complaint failed even to state a plausible basis for liability. On Sept. 25, Judge Jesse M. Furman of the U.S. District Court for the Southern District of New York granted Woori Bank’s motion to dismiss the case and motion for sanctions under Rule 11, awarding fees and costs.