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Short-selling hedge funds that claim Porsche concealed its bid for a takeover of Volkswagen have no right to sue in New York for violation of U.S. securities laws, a federal judge has ruled.

In the latest application of the U.S. Supreme Court’s 2010 decision restricting extraterritorial application of the securities laws in Morrison v. National Australia Bank, 130 S.Ct. 2869, Southern 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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