Anglo Irish Bank Dodges Hedge Funds' Suit

Law360, New York (November 28, 2011, 10:48 PM EST) -- A New York federal judge on Monday tossed a suit filed by two hedge funds against Anglo Irish Bank Corp. Ltd., ruling that the bank, now owned by the Irish government, is protected by sovereign immunity.

U.S. District Judge Paul G. Gardephe dismissed the suit, which sought to stave off potential losses following Ireland's bank system bailouts, for lack of subject matter jurisdiction after concluding that the Foreign Sovereign Immunities Act prohibits the relief requested in the suit.

The pair of hedge funds, Fir Tree Capital...
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