MatlinPatterson Can't Sue FedEx Over ATA Deal: Court

Law360, New York (September 1, 2011, 5:10 PM EDT) -- A New York state appeals court ruled Thursday that an affiliate of private equity firm MatlinPatterson Global Advisers LLC that invested in ATA Airlines Inc. couldn't sue FedEx Corp. for reneging on a deal to share a military contract with ATA, which allegedly sent the airline into bankruptcy.

MatlinPatterson ATA Holdings LLC didn't plead enough facts to sustain its complaint even if it had standing to sue as a lender to nonparty ATA, the five-judge appeals panel said.

“MP Holdings and FedEx had absolutely no connection...
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