SAN FRANCISCO – April 4, 2024 – Gaw | Poe LLP announced today that it obtained certification of a liability class consisting of the 178 limited partners of CMB Infrastructure Group VII, L.P.—an EB-5 Limited Partnership—on their claims for breach of fiduciary duty and breach of contract against defendant CMB Export, LLC, the general partner of that limited partnership. The lawsuit alleges that CMB Export breached its fiduciary duties to the limited partners by engaging in self-dealing transactions in connection with the partnership’s $90 million investment in the Ivanpah solar plant project. While CMB opposed the Plaintiffs’ motion for class certification, the district court found that the proposed class satisfied all of the factors needed for class certification and also found that common questions predominated over any individual questions.
CMB had also concurrently moved for summary judgment against all of the Plaintiffs’ claims for relief. While the district court granted that motion with respect to certain non-monetary claims, it denied that motion in regard to all claims where the Plaintiffs sought monetary relief. Plaintiffs have alleged that they were damaged in the amount of tens of millions of dollars in connection with their breach of fiduciary duty claims.
The lawsuit is captioned Hui Cai, et al. v. CMB Export LLC, No. 2:22-CV-02025-MWF-JPR, and is pending in the United States District Court for the Central District of California. The Plaintiffs are represented represented by Gaw | Poe LLP attorneys Randolph Gaw, Mark Poe, and Victor Meng.
About Gaw | Poe LLP
Gaw | Poe LLP is a San Francisco Bay Area boutique law firm focusing on business litigation, antitrust litigation, and appeals. Founders Randolph Gaw and Mark Poe are nationally recognized litigators who graduated from the same class at Stanford Law School. The firm has been recognized by The National Law Journal for obtaining the 37th largest verdict in the country for 2016. For more information, please visit http://www.gawpoe.com.