Judge Dismisses Hedge Funds' Case Against Porsche

December 31, 2010, 4:36 pm

By THE NEW YORK TIMES

From our colleagues at DealBook:

A federal judge in Manhattan on Thursday dismissed a $2 billion lawsuit brought against Porsche by 10 hedge fund managers, stating that the New York court had no jurisdiction over lawsuits related to foreign securities — an outcome predicted in an October Deal Professor column.

The suits brought by hedge fund managers, including Elliot Associates and Black Diamond Offshore, accused the automaker of misleading investors about their stake in Volkswagen, which the managers were shorting.

The basis for the ruling comes after a Supreme Court decision this summer in Morrison v. National Bank of Australia Bank Ltd., which limited shareholders’ ability to sue foreign companies in the United States if stocks trade on overseas exchanges. That means the Porsche case could now move to Germany, where the car company is based.

Lawyers for Porsche said they were “delighted” by the decision.

Read more here.

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Judge Rules Against Miller in Alaska

The AP reports:

JUNEAU, Alaska — A judge on Friday ruled against Republican Joe Miller’s lawsuit challenging how Alaska counted write-in votes for rival Lisa Murkowski in their Senate race, delivering a crushing blow to the tea party-backed candidate’s longshot legal fight.

Judge William Carey’s ruling all but ends Miller’s hopes of getting relief in state court. Miller can appeal to the state Supreme Court, and his spokesman said he was mulling the option, but Carey cited past decisions by the high court in his ruling.

The judge said his decision to throw out Miller’s lawsuit wouldn’t take effect until Tuesday to allow time for an appeal.

Miller spokesman Randy DeSoto said there are still outstanding issues “in terms of wanting to get a true and accurate count, and we don’t feel like we’re there yet.”

Murkowski called on Miller to concede, telling The Associated Press: “It’s time to end this. It’s time to say that the election is over.”

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