U.S.O. Corporation v. Mizuho Holding Company
United States Court of Appeals for the Seventh Circuit
547 F.3d 749 (2008)
- Written by David Bloom, JD
Facts
U.S.O. Corporation (U.S.O.) (plaintiff), a Delaware corporation, was headquartered in Japan and was a wholly owned subsidiary of a Japanese company. U.S.O. invested in a Japanese limited partnership that bought real estate in Illinois. After the real estate was sold, U.S.O. deposited its share of the sale proceeds with Mizuho Holding Company (Mizuho) (defendant), a Japanese bank. The money was supposed to be held in the Mizuho bank account in Japan as security for an outstanding loan to U.S.O.’s principal shareholder. Mizuho withdrew the money to satisfy the debt. U.S.O. filed suit against Mizuho in an Illinois federal district court for unjust enrichment, alleging that Mizuho had misappropriated money that belonged to U.S.O. Mizuho then filed a parallel declaratory-judgment action in Japan. The vast majority of the witnesses and documentary evidence relevant to U.S.O.’s lawsuit and Mizuho’s Japanese declaratory-judgment action were located in Japan. The Japanese court declined to dismiss the declaratory-judgment action in favor of U.S.O.’s lawsuit. The district court dismissed U.S.O.’s lawsuit on the grounds of forum non conveniens. U.S.O. appealed.
Rule of Law
Issue
Holding and Reasoning (Posner, J.)
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