Hedge Fund Row Doesn't Belong In US Court, 11th Circ. Says

Law360, Los Angeles (August 14, 2013, 7:04 PM EDT) -- The Eleventh Circuit on Wednesday rejected Xena Investments Ltd.'s appeal to allow a Florida federal court to consider its suit accusing an investment manager of fraudulently securitizing $21 million in shares, ruling that a forbearance agreement barred the case from U.S. jurisdiction.

A three-judge panel said Magnum Fund Management Ltd. doesn't do business in Florida and its president isn't a resident of the state, contrary to Xena's allegations. Under the terms of the forbearance agreement, the underlying suit belongs in English court or elsewhere, the panel...
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