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US court rejects €8B case against South Korea's Woori Bank

U.S. District Court for the Southern District of New York dismissed AJ Energy LLC's lawsuit against South Korea's Woori Financial Group Inc. unit Woori Bank over the bank's alleged failure to transfer €8 billion to the company, Yonhap News Agency reported Sept. 27, citing Woori Financial.

The court also decided to sanction AJ Energy for filing a fraudulent lawsuit, according to the report.

AJ Energy filed the lawsuit in March 2018, claiming that the bank failed to disburse the money which was allegedly transferred to the bank from the company's foreign investors. The bank said there was no record of the said transaction.