| Foreign sovereign wealth funds are not automatically immune from U.S. lawsuits claiming that they defrauded investors into buying securities in the United States by making misleading statements outside the country, the federal appeals court in Manhattan ruled.
The 2nd U.S. Circuit Court of Appeals said the funds are not shielded by the Foreign Sovereign Immunities Act from securities fraud claims over alleged misrepresentations that cause a "direct effect" in the United States...............................................Full Article: Source
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