Judge Baer agreed with S&C’s reasoning. In a Dec. 30 opinion that represents the first application of the Supreme Court’s Morrison ruling in a swap case, Judge Baer dismissed two hedge fund suits against Porsche and its former CEO and CFO.
The plaintiffs had argued that because the swap deals involved U.S. participants and were transacted through private contracts executed in New York, their claims against Porsche (which was not a party to the swaps) fell under the scope of U.S. securities laws, despite the Morrison ruling.
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