Oil Co. Beats Financing Suit On Jurisdictional Grounds

Law360, New York (August 31, 2011, 7:19 PM EDT) -- A Minnesota federal judge on Tuesday dismissed a suit brought by a group of noteholders against Tristan Oil Ltd. over the devaluation of their $420 million investment, saying the case did not meet jurisdictional standards for trial in the U.S.

U.S. District Judge Susan Richard Nelson ruled the only American defendant in the case, Wells Fargo Bank NA, was a nominal defendant at best and had only been included to establish jurisdiction in the U.S.

In the suit, investment companies based in the Cayman Islands, the...
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