Jan 21, 2014, 11:12 PM EDT
A $650 million lawsuit against Formula One supremo Bernie Ecclestone has been dismissed in New York Supreme Court according to a report from Autoweek‘s Christian Sylt.
In November of 2012, American group Bluewaters Communications Holdings filed the suit, arguing that it should have been sold the 47 percent stake in F1 that wound up going to private equity firm CVC in 2006.
Ecclestone faces charges of bribery over a $44 million payment to German banker Gerhard Gribkowsky, but while he’s admitted to making a payment in separate legal proceedings, he’s said that he did it because Gribkowsky was threatening to make allegations regarding his tax affairs.
Bluewaters states that it was the highest bidder for the aforementioned stake, noting that it was ready to pay an additional 10 percent above any legitimate offer from a potential buyer.
But Sylt reports that a justice of the New York Supreme Court, Eileen Bransten, has ruled against them, emphasizing that the claims involved in the lawsuit took place in Europe and that CVC’s own offer for the stake stated that it was governed by English law and thus, all claims coming out of it would be dealt with in English courts.
Said Bransten, according to Sylt: “…This action is not about a lost business venture in New York, but rather on allegations that an English citizen bribed a German citizen to compel a German bank to sell its interest in a Jersey company to an English company rather than another Jersey company.”
To be clear, Bransten does not appear to be referencing New Jersey. Sylt writes that Bluewaters was based on the island of Jersey, off the coast of England, at the time it made its offer for the F1 stake.
Ecclestone may have dodged a bullet in the U.S., but the British billionaire needs to dodge a few more in the months ahead. He recently stepped down from the board of directors for F1’s parent company ahead of his German bribery trial in April (although he will continue to run day-to-day operations).
Additionally, German media firm Constantin Medien – a former stakeholder in F1 – sued him last fall in London for more than $100 million, alleging that Ecclestone’s sale to CVC undervalued the property and lost them money in the process.
Sep 20, 2014, 10:06 AM EDT
Hamilton bags pole position by the narrowest of margins on Saturday night in Singapore.
Sep 20, 2014, 8:15 AM EDT
Track preview of LA course for Red Bull Global Rallycross.
Sep 20, 2014, 8:00 AM EDT
Dutch youngster is set to take part in practice for the Japanese Grand Prix in two weeks’ time.
Sep 20, 2014, 7:30 AM EDT
With the future of as many as four teams in the lurch, F1 could be forced to take drastic action in 2015. However, efforts must be made to resolve the current situation instead of finding a solution to a future problem.
Sep 20, 2014, 7:04 AM EDT
Spaniard fastest ahead of Daniel Ricciardo and Nico Rosberg.
Sep 20, 2014, 5:45 AM EDT
FP3 marks the final chance for the drivers and teams to get everything set for qualifying later today.
Sep 19, 2014, 9:13 PM EDT
Keselowski’s comments today at New Hampshire seem odd considering what he said just days after the Aug. 9 tragedy in upstate New York.
Sep 19, 2014, 8:00 PM EDT
Chris Buescher (RFR), Cale Conley (RCR) shine for these teams.
Sep 19, 2014, 7:15 PM EDT
Crafton hopes to build up his slim lead in the Camping World Truck Series championship with a strong outing in tomorrow’s UNOH 175.
Sep 19, 2014, 6:45 PM EDT
Kenzie Ruston can relate so well to NASCAR star Danica Patrick. Just like when Patrick was working her way up through the racing ranks early on in her own career, Ruston has also had to outwork other male drivers for virtually everything she’s achieved up to now.
Sep 19, 2014, 6:03 PM EDT
Keselowski sets a new track record at New Hampshire in earning his fifth Sprint Cup pole of 2014.
Sep 19, 2014, 5:37 PM EDT
Pre-race videos with Austin Dyne and Tanner Foust before Red Bull GRC doubleheader in LA.
Sep 19, 2014, 5:00 PM EDT
A win from Gordon on Sunday would give New Hampshire its record-setting 14th different winner in as many races.
Sep 19, 2014, 4:30 PM EDT
We crunch the numbers to see who is really ahead at Mercedes in Singapore after Friday practice.
Sep 19, 2014, 4:00 PM EDT
Kyle Busch. Joey Logano. Kyle Larson. You may soon add Ben Rhodes to the list of young phenom drivers that have gone on to stardom in the Sprint Cup Series.
Sep 19, 2014, 3:30 PM EDT
“…We’re looking for just that little sliver of speed to get back to a dominant position.” – Johnson
Sep 19, 2014, 3:00 PM EDT
Finishing P1 not enough for the Briton following his Friday running in Singapore.
Sep 19, 2014, 2:30 PM EDT
“I hope it’s before the end of this year, but if not, we won’t be too disappointed. We’ve been running well all season long.” – Larson
Sep 19, 2014, 1:45 PM EDT
German driver rallies to finish in the top five in both sessions despite an engine failure.
- Hamilton snatches Singapore pole away from Rosberg 0
- WATCH LIVE: Singapore GP Qualifying – an open fight under the lights? 0
- Fernando Alonso closes out practice in Singapore fastest 0
- Brad Keselowski wins pole for Sunday’s Chase race at New Hampshire 0
- F1 Friday Analysis: Is Lewis the man to beat? 0
- Hamilton tops FP2 as night falls in Singapore 0
- F1 Paddock Pass: Singapore Grand Prix (VIDEO) 0