Good news for Miami-Dade businessman Leonidas Ortega Trujillo, target of a creditor's decadeslong pursuit: U.S. Bankruptcy Court Chief Judge Laurel Isicoff has dismissed a $600 million judgment against him. But the litigation by plaintiff Interamerican Asset Management Fund Ltd. over alleged fraud by the businessman—whose family once controlled Ecuador's fourth largest bank—appears to be far from over, with an appeal likely in the works.

“I certainly am aware that the creditor has spent over 20 years and a lot of money chasing this matter,” Trujillo's attorney Paul L. Orshan said. “It's certainly possible that with this amount of money, it may appeal.”

Trujillo has been involved in cross-border litigation since 1996 over allegations of fraud in the failure of family-run Banco Continental S.A. After the bank's collapse, Ecuador's central bank took over another Trujillo family operation: a Bahamas-based mutual fund called Interamerican Asset Management Fund Ltd., which has since become the largest creditor in the bankruptcy case playing out in federal court in Miami and other litigation in London and the Caribbean.