The plaintiff, Huanyu Shi, sought summary judgment against the defendant, Junxu Chen, for defaulting on a cross-border currency exchange/loan agreement.
The court found that Mr. Chen received substantial funds from Mr. Shi and failed to repay them as agreed, rejecting Mr. Chen’s claims of repayment.
The court awarded Mr. Shi $2,308,309 in damages, declined to award punitive damages, and refused to impose a tracing order or constructive trust.
Substantial indemnity costs and prejudgment interest were also awarded.
