SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF NEW YORK

Transcription

1 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF NEW YORK CHAO JIANG, Plaintiff -against- Index No /2015 PING AN INSURANCE, a China Limited Company; PING AN PROPERTY & CASUALTY INSURANCE COMPANY OF CHINA, LTD., a China Limited Company; CHINA PING AN INSURANCE OVERSEAS (HOLDINGS LIMITED, a Hong Kong Limited Company; HUATAI INSURANCE GROUP OF CHINA, a China Limited Company; HUATAI INSURANCE COMPANY OF CHINA LIMITED, a China Limited Company; HUATAI PROPERTY AND CASUALTY INSURANCE COMPANY LIMITED, a China Limited Company; CHUBB CORPORATION, A New Jersey Corporation; FEDERAL INSURANCE COMPANY, an Indiana Corporation; And CHUBB INSURANCE (CHINA COMPANY LIMITED, a China limited company, Defendants PING AN PROPERTY & CASUALTY INSURANCE COMPANY OF CHINA, LTD., a China Limited Company; Third-Party Plaintiff / Interpleading Plaintiff, v. CHAO JIANG; CHINA NORTH EAST PETROLEUM HOLDINGS LIMITED, Third-Party Defendants / Interpleader Defendants Third Party Index No /2016 STIPULATION FOR THE DISMISSAL OF THIRD-PARTY COMPLAINT FOR INTERPLEADER AND DECLARATORY RELIEF AND ORDER v.i

2 IT IS HEREBY STIPULATED AND AGREED by, on behalf of, and between the attorneys for Ping An Insurance, Ping An Property and Casualty Insurance Company of China, Ltd., and China Ping An Insurance Overseas (Holdings Limited (collectively, "Ping An", Plaintiff / Third-Party Defendant / Interpleader Defendant Chao Jiang and Third-Party Defendant / Interpleader Defendant China North East Petroleum Holdings Limited ("CNEP" (collectively the parties that the Third-Party Complaint in this action is dismissed with prejudice. Each party to bear their own attorneys' fees and costs. 1. The parties agree that Mr. Jiang and CNEP through the Receiver have reached agreement on the disbursement of the Settlement Proceeds between Mr. Jiang and Ping An. The settlement between Ping An and Jiang was previously advised to this Court by Jiang counsel's letter dated July 28, On September 15, 2016, CNEP filed a notice of lien with this Court, asserting that it holds a lien to all claims, including the proceeds thereof, of Jiang in this matter. The notice of lien also stated that that CNEP was entitled to direct payment for all of its losses to the extent it indemnified Jiang for such losses. 3. Subsequently on September 30, 2016, CNEP provided notice of entry from an order from the Nevada Court under the caption Amy Liu, et al. v. China North East Petroleum Holdings Limited, Second Judicial District Court for the State of Nevada, Washoe County (CV ("Nevada Action", of that same day for the issuance of a prejudgment writ of attachment without notice. The order on the writ of attachment describes that the Settlement Proceeds were to be deposited with the Nevada court in an interest bearing account. 4. On October 5, 2016 Ping An commenced a third-party complaint for interpleader and declaratory relief as against CNEP and Jiang, seeking amongst other things, for Jiang and the

3 Receiver to resolve their dispute over the Settlement Proceeds. Shortly there-after on October 7, 2016, Ping An filed an order to show cause, seeking to interplead the Settlement Proceeds with this Court. On October 24, 2016, this Court directed Ping An to transfer the Settlement proceeds to the escrow account for counsel for Jiang. 5. Later, on October 26, 2016, the court in the Nevada Action issued another order, directing that the Settlement Proceeds to be deposited with the Nevada court in an interest bearing account within 10 days of the October 26, 2016 order. 6. After conferring with the Nevada court, this Court, by its order of November 4, 2016, directed Ping An to deposit the settlement proceeds with the Nevada court. On November 4, 2016, Jiang appealed this Court's November 4, 2016 order to the Supreme Court of the State of New York, Appellate Division, First Department. Ping An also subsequently appealed this Court's November 4, 2016 order, filed with the Clerk's Office on November 9, 2016, to the Supreme Court of the State of New York, Appellate Division, First Department. The Appellate Division, First Department on November 4, 2016 initially granted an interim stay of enforcement of this Court's November 4, 2016 order. The Appellate Division, First Department on December 22, 2016, vacated the interim stay of enforcement. 7. In response to the orders in the Nevada Action, Ping An filed a Writ Petition to the Nevada Supreme Court under the caption Ping An Property & Casualty Company of China, Ltd. v. Second Judicial District Court of the State of Nevada, in and for the County of Washoe, and the Honorable Scott Freeman, District Judge, et al. (No In an order dated November 9, 2016, the Nevada Supreme Court issued an order holding that "until further order of this court, we stay the district court's order to the extent that it direct petitioner's [Ping An's] counsel to deposit disputed funds with that court."

4 8. The parties to the Nevada Action executed a stipulation and order for dismissal with prejudice of Ping An, which stated that Ping An is entitled to disburse the Settlement Proceeds to Jiang, or to a recipient on behalf of Jiang, pursuant to settlement instructions from Jiang and/or his counsel. The stipulation and order also described that all prior Orders of the Nevada Court in regard to Ping An and Wilson Elser as to the settlement funds between Ping An and Jiang are vacated, including all verbal and written Orders of September 30, 2016 and October 26, The parties to the Nevada Action also recently executed a joint motion to the Nevada Supreme Court for dismissal of the writ petition proceeding. 9. In connection with the Jiang and Ping An settlement, the Receiver is voluntarily withdrawing the lien of the Settlement Proceeds from this action. The parties stipulate and agree that Ping An is entitled to disburse the Settlement Proceeds to Jiang, or to a recipient on behalf of Jiang, pursuant to settlement instructions from Jiang and/or his counsel, without interference from the Receiver or any other party to this action. 10. Ping An also agrees to file with the court a notice withdrawing its appeal from this Court's November 4, 2016 order. 11. Jiang also agrees to file with the court a notice withdrawing its appeal from this Court's November 4, 2016 order. 12. Within 30 days of payment of the Settlement Proceeds from this action pursuant to settlement instructions from Jiang and/or his counsel, Jiang agrees to dismiss Ping An from this action, as well as the related action captioned Chao Jiang v. Ping An Insurance, el al. pending in California State Court, County of San Francisco (CGC

5 11 This stipulation may be eneetacd in counterparts, and facsimile or ed signatures shall be considered originals. DATM this/,,day (I' ROBI,NS;KAPLAN 1.1,P DATED this day of WII,SON. FLSER, moskowtrz, hdaman DICKFR tad A, Esq. Craig Weiner, I.:sq. Attorneys for receiver Ibr Third-Party Delendant China North Fast Petroleum holdings Limited 399 Park Avenue, Suite 3600 New York, NY Patrick Lawless, Esq. Jonathan Meer. Esq, Attorneys for Third-Party Plaintiff / Defendant Ping An Insurance, Ping An Property and Casualty Insurance Company of China, Ltd., and China Ping An Insurance Overseas loldings Limited 150 East 42nd Street New York, New York DATED this day of NIAND IANDAR1, IAA Rishi Bhandari, Esq. Attorneys lor Plaintiff/Third-Party Defendant Chao Jiang 80 Pine Street, 33{'1 Floor New York, NY SO ORDERED: I-fott, Jeffrey K. Oing, J,S,C v.I

6 13. This stipulation may be executed in counterparts, and facsimile or ed signatures shall be considered originals. DATED this day of ROBINS KAPLAN LLP DATED this day of J e, WILSON, ELSER, MOSKOWITZ, ED -LMAN & D CKER LLP, Michael A. Kolcun, Esq. Craig Weiner, Esq. Attorneys for receiver for Third-Party Defendant China North East Petroleum Holdings Limited 399 Park Avenue, Suite 3600 New York, NY f:?, trick Lawless, Esq. Jonathan Meer. Esq. Attorneys for Third-Party Plaintiff / Defendant Ping An Insurance, Ping An Property and Casualty Insurance Company of China, Ltd., and China Ping An Insurance Overseas (Holdings Limited 150 East 42nd Street New York, New York DATED this day of MANDEL BHANDARI, LLP Rishi Bhandari, Esq. Attorneys for Plaintiff/Third-Party Defendant Chao Jiang 80 Pine Street, 33rd Floor New York, NY SO ORDERED: Hon. Jeffrey K, Oing, J.S.C.

7 13. This stipulation may be executed in counterparts, and facsimile or ed signatures shall be considered originals. DATED this day of ROBINS KAPLAN LLP DATED this day of, WILSON, ELSER, MOSKOWITZ, EDELMAN & DICKER LLP Michael A. Kolcun, Esq. Craig Weiner, Esq. Attorneys for receiver for Third-Party Defendant China North East Petroleum Holdings Limited 399 Park Avenue, Suite 3600 New York, NY Patrick Lawless, Esq. Jonathan Meer. Esq. Attorneys for Third-Party Plaintiff / Defendant Ping An Insurance, Ping An Property and Casualty Insurance Company of China, Ltd., and China Ping An Insurance Overseas (Holdings Limited 150 East 42nd Street New York, New York DATED this 14th day of June, MANDEL BHA DARI, LLP Rishi Bhandari, Esq. 80 Pine Street, 33'd Floor New York, NY ( rb@mandelbhandari.corn Attorneys for Plaintiff/Third-Party Defendant Chao Jiang SO ORDERED: Hon. Jeffrey K. Oing, J.S.C.