Korea Advanced Institute of Science and Technology v KIP Co Ltd - United States District Court for the Eastern District of Wisconsin Case No 2-22-cv-00317 - Defendant Paulina Fundingco LLC's Notice of Removal - 12 March 2022
Country
Year
2022
Summary
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In this Action, Plaintiff Korea Advanced Institute of Science and Technology ("KAIST") seeks to freeze funds in an escrow account created by emergency order of an international arbitrator seated in Chicago.
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Emergency Arbitrator Walker ordered KIPB, KIP, P&IB, and Professor Lee to place $21 million into an escrow account pending the resolution of the arbitration:
"For the reasons explained in this Award, and rejecting all requests to the contrary, and subject to any contrary order of the Arbitral Tribunal once constituted, the Emergency Arbitrator orders that: the Respondents direct USD$21 million from any payment from Samsung into ... a trust account of another mutually acceptable third-party located in the United States, until such time as ordered by the Emergency Arbitrator or by the Arbitral Tribunal in this Arbitration once constituted ..."
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