Sullivan & Cromwell’s Robert Giuffra Jr. scored another major victory on Friday in Porsche Automobile Holdings SE’s long, multifront battle with a coalition of disgruntled hedge funds. Echoing a 2012 ruling by a state appeals court, the U.S. Court of Appeals for the Second Circuit agreed with S&C and found that billions of dollars in claims against the German automaker don’t belong in the United States.
In a 51-page opinion, a three-judge Second Circuit panel upheld a ruling that the hedge funds’ claims are barred by the U.S. Supreme Court’s 2010 decision in Morrison v. National Australia Bank. The Second Circuit ruling comes two-and-a-half years after the panel heard oral arguments in the case, and nearly a year and a half after New York’s Appellate Division, First Department, shot down parallel litigation on jurisdictional grounds.
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