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Photo courtesy of Mirae Asset Securities |
[Alpha Biz= Kim Jisun] Mirae Asset Securities’ motion to compel the submission of key documents in an ongoing $210 million loan dispute in the U.S. has been conditionally denied.
On July 8 (local time), the U.S. District Court for the District of Nevada conditionally denied Mirae Asset’s motion to compel discovery against Ryze Renewables Holdings, a U.S. renewable energy company. The court ordered both parties to re-engage in discussions, stating that discovery disputes should be resolved cooperatively without court intervention, and warned against the unnecessary use of judicial resources.
The dispute stems from a 2021 incident in which a team leader in Mirae Asset’s Investment Development Division allegedly entered into a $210 million loan agreement with Ryze without official corporate approval. Mirae Asset is seeking the return of the investment and damages, citing failure to meet pre-agreed schedules and financial benchmarks, as well as alleged concealment of critical investment information.
The motion to compel concerned 29 documents that Ryze had allegedly delayed or refused to produce. Mirae Asset claimed that it had requested the documents at least 14 times between late 2024 and May 2025, and that Ryze failed to honor even self-imposed deadlines, including a voluntary commitment to submit some documents by May 25.
However, Judge Nancy J. Koppe ruled that Mirae’s request for court intervention was premature, stating, “The Court is the last resort for resolving discovery disputes—not the first.” She emphasized that meaningful engagement between parties must precede any motion.
The judge also criticized both legal teams for wasting court resources through procedural disputes and warned that future non-compliance could result in monetary sanctions or further judicial penalties.
Despite denying the motion, the court left the door open for reapplication. Mirae Asset and Ryze have been instructed to conduct substantive in-person or virtual negotiations by July 25. If the disputes remain unresolved, Mirae may refile its motion by August 1.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
