In what it described as "a simple case involving sophisticated international parties and an international fund", the Court affirmed dismissal of a suit by Xena Investments, Ltd., a Cayman Islands corporation, against Magnum Fund Management, Ltd., a Bahamian corporation, alleging fraud, negligent misrepresentation, and fraudulent inducement in loans Magnum made to a hedge fund managed by Magnum in the British Virgin Islands. The Court agreed that the district court had no jurisdiction or authority to determine the priority of foreign parties entitled to, or payments made from, a foreign hedge fund. Xena V. Magnum.
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No jurisdiction in foreign hedge fund case
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