Home > Sport > Motorsport
Wednesday January 22, 2014 MYT 8:07:02 PM
Wednesday January 22, 2014 MYT 8:07:09 PM
LONDON (Reuters) - A New York court has dismissed a $650 million damages claim brought against Bernie Ecclestone, offering some relief from the legal problems dogging the Formula One boss who faces a bribery trial this year.
Investment firm Bluewaters brought the case against Ecclestone and defendants including private equity group CVC, the latest in a series of legal cases stemming from the sale of a major stake in the motor racing business eight years ago.
Supreme Court judge Eileen Bransten ruled that "New York was not a convenient forum for the dispute," adding it should be settled by English or German law. The ruling was dated January 16 but made public only this week.
The case revolved around the $830 million sale of a 47 percent stake in Formula One to CVC by German bank BayernLB.
Bluewaters alleged that it was the highest bidder and that Ecclestone had favoured a sale to CVC because it planned to keep him on as chief executive of a business he built into a global money-spinner.
Ecclestone, 83, is waiting to hear the outcome of a $100 million damages claim brought in London by a German company which says it too lost out because of the CVC deal.
He will go on trial in Munich in April after being charged with bribing former BayernLB banker Gerhard Gribkowsky to smooth the sale to CVC.
Ecclestone denies wrongdoing and says he was the victim of coercion by Gribkowsky.
(Writing by Keith Weir; Editing by Stephen Powell)
'Iceman' Raikkonen is feeling the heat, says Massa
Hamilton hoping for a pot of gold at Silverstone
Mosley says F1 heading for major crisis
Hamilton determined to dominate home race
Celebrate Raya in style with GEMFIVE
The 3 unexpected life events that leave us in debt
Don’t lose your cool in heatwave
Perfect trip for 4,000 from China
Najib: Lawyers looking at WSJ accusations
Copyright © 1995-2015 Star Media Group Berhad (ROC 10894D)(Formerly known as Star Publications (Malaysia) Berhad)