A legal battle has erupted in Santa Clara County, California, involving allegations of fraud and indemnity between two former business associates. Ha Vinh Ly has filed a complaint against Lap Thanh Tang on December 12, 2024, in the Superior Court of California for the County of Santa Clara. The lawsuit accuses Tang of fraudulent activities related to a previous case involving East West Bank.
The plaintiff, Ha Vinh Ly, claims that he was misled by Tang into investing $10 million into TWN Investment Group LLC back in 2008. According to the complaint, Tang assured Ly that all retail stores in Phase I of the Vietnam Town project had been presold and that UCB was ready to finalize additional funding. However, these assurances were allegedly false. "Plaintiff justifiably and reasonably reposed trust and confidence in the assurances by Defendant," reads the complaint. As a result of these alleged misrepresentations, Ly asserts he suffered significant financial losses.
The history between Ly and Tang is complicated by their involvement in another lawsuit filed by East West Bank against TWN Investment Group LLC, where both were named defendants. In November 2013, a settlement required both parties to pay $3 million each to East West Bank for dismissal of the action. This current suit seeks to address indemnity issues arising from that settlement as well as claims for fraud against Tang.
Ly's complaint details his belief that Tang used their relationship to gain an unfair advantage over him, resulting in substantial financial damage including a $3 million settlement payment and emotional distress. The plaintiff is seeking compensatory damages amounting to at least $13 million along with punitive damages for alleged malicious conduct by Tang.
In addition to financial compensation, Ly requests declaratory relief from the court regarding indemnity obligations tied to their past dealings with East West Bank. He argues that responsibility for any damages should rest entirely on Tang due to his alleged fraudulent actions and breach of trust.
Representing Ha Vinh Ly is attorney Ismael D. Perez from the Law Offices of Ismael D. Perez based in San Jose. The case has been assigned Case No.: 24CV453886 under Judge J. Nguyen's review.