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Cao v. Landco H&L Inc.

Summary Judgment on Breach Claims in Action Over EB-5 'Green Card' Investment Explained

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MEMORANDUM & ORDER Plaintiff Weiping Cao initiated this action against defendants Jinneng Bao, Xiaomei Lu, Landco H&L, Inc. (“Landco”), and Buffalo EB-5 Partner Corp., bringing claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, fraud, breach of contract, and breach of personal guaranty. Essentially, all claims arise out of plaintiff’s transactions with defendants with respect to the development of a real estate project. At the core of the lawsuit, Cao alleges that Landco has defaulted on a loan she provided to it, and that Bao and Lu have failed to satisfy their promise to personally guaranty that loan. Cao now moves for summary judgment, pursuant to Federal Rule of Civil Procedure 56, against Landco on her breach of contract claim, and against Bao and Lu on her personal guaranty claim. For the reasons stated below, plaintiff’s motion is granted. Background1 Central to the parties’ dispute is the United States’ EB-5 Immigrant Investment Program, which permits qualified foreign investors to obtain an immigration “green card” signifying the grant of permanent residency, for themselves and their family members if they make a “necessary investment in a commercial enterprise in the United States” that, in addition to meeting other qualifications, leads to the creation or preservation of at least ten permanent full-time jobs for qualifying employees. See Am. Compl., Dkt. 29, 6, 13; 8 U.S.C. §1153(b)(5)(A)(ii).2 Cao, a Chinese national, was introduced in 2017 to Bao and Lu, a married couple who, at that time, were soliciting aliens with an interest in the immigration program to invest, pursuant to the program, in a hotel development project in Buffalo, New York. See id.

17-21. Cao decided to invest $500,000 in defendant Buffalo EB-5 Partner Corp., the corporation formed by Bao and Lu as an investment vehicle for financing the project. Id.

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