The lawsuit stems from a May 2020 civil subpoena related to an US$81m cyber-heist that took place in 2016.<\/p>\n\n\n\n\n\n\n\n
The Philippines.-\u00a0Bloomberry Resorts Corporation\u2019s<\/strong> subsidiary in the Philippines\u00a0has announced that a New York state court has granted its motion to dismiss a civil lawsuit brought against it by Bangladesh Bank. Bloomberry Resorts Corp, the parent company of Bloomberry Resorts and Hotels, said the lawsuit was dismissed for “lack of jurisdiction”.<\/p>\n\n\n\n The company said the costs and expenses of Bloomberry Resorts and Hotels and its Solaire Resort and Casino were taxed by the clerk of the court. <\/p>\n\n\n\n The lawsuit stemmed from a May 2020 civil subpoena\u00a0received by Bloomberry entities in September of that year<\/a>\u00a0in connection with another case in the United States related to\u00a0an online theft from Bangladesh Bank in 2016<\/a>.\u00a0<\/p>\n\n\n\n The theft reportedly netted US$81m<\/strong>, a portion of which was reportedly diverted through various Philippine casinos, including the Solaire Resort & Casino in Metro Manila. The operator was only one of 17 firms and individuals named in the original lawsuit.<\/p>\n\n\n\n Meanwhile, the conflict between\u00a0Global Gaming Asset Management (GGAM) and Bloomberry\u00a0<\/strong>goes on with a US court rejecting a petition by Bloomberry to dismiss GGAM\u2019s lawsuit over wrongful termination.\u00a0However, a New York court has dismissed GGAM\u2019s lawsuit against several other defendants associated with Bloomberry CEO Enrique Razon.<\/p>\n\n\n\n Bloomberry had petitioned to set aside enforcement of a $296m award from the Arbitration Tribunal when it ended a five-year contract with GGAM after only six months, accusing GGAM of failing to deliver on its commitments. But in September 2019, a Singapore court decided in favour of GGAM, awarding it payments of $175,000 per month.<\/p>\n","protected":false},"excerpt":{"rendered":" The lawsuit stems from a May 2020 civil subpoena related to an US$81m cyber-heist that took place in 2016.<\/p>\n","protected":false},"author":176,"featured_media":26856,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"A New York court has dismissed Bangladesh Bank's US$81m cyber-heist lawsuit against Bloomberry Resorts Corporation's Philippine subsidiary for lack of jurisdiction, mitigating a significant financial and reputational risk. Concurrently, a US court rejected Bloomberry's motion to dismiss Global Gaming Asset Management's (GGAM) wrongful termination lawsuit, maintaining the potential enforcement of a $296m arbitration award against the operator.","focusai_entities":"Bloomberry Resorts Corporation, Bangladesh Bank, Bloomberry Resorts and Hotels, Solaire Resort & Casino, Global Gaming Asset Management (GGAM), Enrique Razon","focusai_location":"Philippines, New York, United States, Metro Manila, Singapore","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.95), operator_casino (0.85), payments_fraud_aml (0.9), investor_analyst (0.95), journalist_researcher (0.85)","focusai_suggestions":[{"label":"Bangladesh Bank's Next Steps?","query":"What are the remaining legal avenues or jurisdictional strategies available to Bangladesh Bank following the dismissal of its lawsuit against Bloomberry's subsidiary in New York?"},{"label":"GGAM Dispute Financial Impact?","query":"How will the potential enforcement of the $296m arbitration award in the GGAM dispute impact Bloomberry Resorts Corporation's capital allocation, debt covenants, and future investment capacity?"}],"footnotes":""},"categories":[439,16333],"tags":[15417],"class_list":["post-28850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal-news","category-south-east-asia-news","tag-bloomberry-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28850","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=28850"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28850\/revisions"}],"predecessor-version":[{"id":28871,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28850\/revisions\/28871"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26856"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=28850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=28850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=28850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Court rejects Bloomberry petition to dismiss GGAM complaint<\/h2>\n\n\n\n