NY Co. Can Exit Chinese Investors' Suit Over NC EB-5 Project

By Hayley Fowler (August 17, 2022, 3:17 PM EDT) — A North Carolina judge has released a New York company and its president from a lawsuit brought by 17 Chinese investors over an allegedly flawed coastal development project, finding that there was nothing tying the firm to the state.

Pac Rim Venture LTD and Gongzhan Wu were accused of acting as a liaison between investors and a multimillion-dollar real estate development project in Wilmington, North Carolina, known as the Northern Riverfront Marina and Hotel. But in granting their motion to dismiss on Tuesday, Superior Court Judge Julianna Theall Earp said most of their work had been in China.

“The fact that…