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Dou v. TD Bank N.A.

Part Dismissal of Immigrant Chinese Investors' Contract Breach, Related Claims Explained

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OPINION AND ORDER Plaintiffs, a group of Chinese investors, bring this action against TD Bank asserting contract, quasi-contract, and tort claims stemming from Defendant’s alleged breach of an escrow agreement. Before the Court is Defendant’s motion to dismiss all counts pursuant to Rule 12(b)(6) of the Federal Rules of Civil Procedure. (ECF No. 35.) For the reasons that follow, the motion is granted in part and denied in part, and the Court denies Plaintiffs’ request for leave to file a third amended complaint. I. Background A. Factual Background The following facts are drawn from the allegations in the Second Amended Complaint, which are presumed true for the purpose of resolving Defendant’s motion to dismiss. Fink v. Time Warner Cable, 714 F.3d 739, 740-41 (2d Cir. 2013). Plaintiffs bring this action on behalf of themselves and a putative class of 88 Chinese investors.1 (ECF No. 25 (“SAC”) 20.) Each invested $550,000 in the project, Carillon Tower/Chicago LP (“Carillon”), in hopes of obtaining an EB-5 Immigrant Investor Visa, which provides a path to permanent residence within the United States. (SAC

4, 6, 12-13.) Carillon actively courted investors hoping to participate in the EB-5 program, presenting Plaintiffs with an Offering Memorandum, stating that “Carillon was organized ‘to serve as a “new commercial enterprise” under the EB-5 immigrant investor program,’” and explaining how the project qualified. (Id.

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