U.S. Court of Appeals for the Second Circuit
A three-judge panel of the U.S. Court of Appeals for the Second Circuit on Wednesday heard oral arguments in a securities case related to shareholder disclosures and the storage of No. 6 fuel oil, which was subject to new regulations from the International Maritime Organization starting in 2020.
The institutional investor Moab Partners, which sued Macquarie Infrastructure Corp. in the Southern District of New York in 2019, argued that Macquarie failed to disclose to its investors that a fuel oil storage company subsidiary was reliant on the storage of No. 6 fuel oil and thus exposed to risk from the 2020 regulations.
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