NYT – A New York State appeals court dismissed a lawsuit brought by hedge funds against Porsche on Thursday, handing the German automaker a big victory in the long-running legal battle over its controversial takeover of Volkswagen.
The Appellate Division decided that the hedge funds lacked jurisdiction to bring a lawsuit in a New York State court, ruling that there was an inadequate connections between New York and the facts of the case. The opinion reverses a trial court ruling last summer that had upheld the action. The decision also mirrors a federal court ruling two years ago that bounced the hedge funds claim.
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