Morrison Sinks Russian Investors' $75M Thor Fraud Suit

Law360, Los Angeles (March 20, 2013, 6:33 PM EDT) -- A New York federal judge on Friday dismissed Russian investors' $75 million fraud suit against hedge fund Thor United Corp., finding the plaintiffs failed to state a claim under the Securities Exchange Act and the Commodities Exchange Act in light of the U.S. Supreme Court's Morrison ruling.

In a case of first impression, U.S. District Judge Kimba M. Wood held that in light of the high court's 2010 decision in Morrison v. Nat'l Australia Bank Ltd. and the standard set by the Second Circuit in Absolute...
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