Kim & Chang and Gibson, Dunn & Crutcher are representing China’s Anbang Insurance Group in a lawsuit before the Delaware Chancery Court over a terminated $5.8 billion deal to sell 15 U.S. luxury hotels to South Korea’s Mirae Asset Global Investments, according to a report in the Korea Times.

The report added that the firms representing Mirae Asset are Peter & Kim, Yulchon, Quinn Emanuel Urquhart & Sullivan, and Greenberg Traurig.

Neither Kim & Chang nor Yulchon had any comment on the report, when approached by ALB.

In a statement reported earlier by Reuters, Mirae Asset said Anbang did not remedy breaches of certain obligations regarding the contract signed in September last year, resulting in the termination of the deal.

The asset manager had placed a 10 percent deposit, or $580 million, for the deal, which had originally been scheduled to close on Apr. 17. It cited the hotel shutdowns caused by the pandemic, and information being withheld about an alleged deed scam on Anbang’s side, as part of a cover-up designed to ram the deal through among its reasons for cancelling the transaction, the South China Morning Post reported.

Kim & Chang earlier represented Anbang in its takeover of Allianz Life Insurance Korea in April 2016, and its acquisition of Tong Yang Life from Vogo Investment in February 2015, the Korea Times added.

 

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