LOS ANGELES — A contractor has filed suit against a Korean-based bank for allegedly breaching their contract, resulting in a $4 million loss.
ECC International LLC filed a complaint Aug. 29 in U.S. District Court for the Central District of California against KEB Hana Bank, alleging that the bank failed to uphold the rights of the plaintiff as beneficiary to an irrevocable letter of credit.
According to the complaint, the plaintiff alleges that on Aug. 12,ECC International LLC provided appropriate notice to defendant that its sub-contractor, DaeLim Industrial Co. LTD, failed to fulfill its obligations to the plaintiff under the subcontract and demanded full payment in the amount of $4 million under the Irrevocable Letter of Credit issued by the defendant to its Los Angeles branch. The notice stated that all that was required for the defendant’s obligation to honor the Irrevocable letter of credit was a presentation of the document and amendment, but the defendant allegedly refused to do so.
The plaintiff holds KEB Hana Bank responsible because the defendant allegedly refused to make a payment under the terms of the Irrevocable Letter of Credit and failed to honor its obligations.
The plaintiff requests a trial by jury and seeks judgment against the defendant, damages in the sum of $4 million, interest, costs of suit and further relief as the court may deem proper. It is represented by Nathan M. Spatz and Jenna W. Logoluso of Pillsbury Winthrop Shaw Pittman LLP in Los Angeles.
U.S. District Court for the Central District of California case number 16-cv-06487
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U.S. District Court for the Central District of California
312 N Spring St
Los Angeles, CA 90012
Pillsbury Winthrop Shaw Pittman LLP
New York, NY 10036