NY High Court Nixes Icahn's Federal-Mogul Investment Appeal

Law360, New York (March 29, 2013, 5:34 PM EDT) -- New York's highest court on Friday denied an appeal from activist investor Carl Icahn in two cases over a purportedly breached agreement to invest in auto parts manufacturer Federal-Mogul Corp. with Texas hedge fund manager Geoffrey Raynor.

The decision from the New York Court of Appeals leaves standing a lower court ruling refusing to dismiss allegations that Icahn breached a 2001 investment agreement with Raynor by transferring shares of Federal-Mogul to an Icahn affiliate without disclosing the interest of Raynor's company Nineteen Eighty-Nine LLC, potentially harming...
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