Venue War Rages In IDT-Blackstone Fraud Action

Law360, New York (August 1, 2007, 12:00 AM EDT) -- The battle over the proper jurisdiction for IDT Corp.'s fraud case, which stems from its purchase of bankrupt Winstar Inc., continued Tuesday with the financial-company defendants arguing against the plaintiffs' attempt to remand the case from federal district court to New York state court.

The defendants, which include financial powerhouses Blackstone Group LP, Impala Partners LLC and Citigroup Inc., filed a joint memorandum in the U.S. District Court for the Southern District of New York opposing the plaintiffs' motion to remand. They argued that “mandatory abstention,”...
To view the full article, register now.