NEW YORK — Hedge funds claiming Porsche Automobil Holding S.E. concealed its bid for a takeover of Volkswagen A.G. have no right to sue for violation of U.S. law, a federal judge has ruled.
U.S. District Judge Harold Baer said the hedge funds cannot pursue $2.5 billion in damages from Porsche for fraud under § 10(b) of the Securities Exchange Act of 1934 because the shares were not traded in the United States.
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