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.
Aug 3, 2015, 6:59 PM EDT
Quick recaps of the other two races at the Mid-Ohio Sports Car Course weekend from PWC and MRTI.
NHRA: ‘Fast Jack’ Beckman earns 5th Funny Car win of 2015; Brown (TF), McGaha (PS), Krawiec (PSM) also win
Aug 3, 2015, 12:24 AM EDT
NHRA Funny Car driver “Fast Jack” Beckman may want to consider changing his nickname to “Faster Jack” because it doesn’t appear he’ll be slowing down anytime soon.
Aug 2, 2015, 9:47 PM EDT
Sunday’s win fulfilled a lifelong dream for Ohio-native Graham Rahal.
Aug 2, 2015, 6:14 PM EDT
Montoyas 42-point lead over Rahal all but disappears in one race.
Aug 2, 2015, 5:56 PM EDT
Sage Karam in the crosshairs again after controversial Lap 66 spin at Mid-Ohio.
Aug 2, 2015, 4:53 PM EDT
Wilson earns first podium finish since Houston in 2013.
Aug 2, 2015, 4:02 PM EDT
Quick thinking from Rahal’s strategists allows the Ohio native to storm to his second win of the 2015 season and slice the gap to Montoya in the championship race.
Aug 2, 2015, 3:12 PM EDT
Castroneves led at halfway due to off-setting pit strategy.
Aug 2, 2015, 3:00 PM EDT
Alex Lynn has made an impression during his rookie GP2 season, but can he make the step up to F1 in 2016?
Aug 2, 2015, 1:30 PM EDT
McLaren’s CEO feels the reasons behind limiting in-season testing offer a “false economy”.
Aug 2, 2015, 1:00 PM EDT
Watch live from Mid-Ohio ahead of the 14th round of the Verizon IndyCar Series season.
Aug 2, 2015, 12:00 PM EDT
Latvala wins on home soil for the second time in the WRC with a record-breaking display.
Aug 2, 2015, 11:27 AM EDT
Big drama in second Indy Lights race of the weekend at Mid-Ohio.
Aug 2, 2015, 10:30 AM EDT
What to watch for ahead of Round 14 of the Verizon IndyCar Series season, the Honda Indy 200 from the Mid-Ohio Sports Car Course.
Aug 2, 2015, 10:24 AM EDT
Hunter-Reay finishes on top ahead of Helio Castroneves and Jack Hawksworth despite crashing his car.
Aug 2, 2015, 9:35 AM EDT
The Italian Grand Prix looks set to remain at Monza beyond 2016 thanks to a tax-free investment from the Italian government.
Aug 1, 2015, 7:00 PM EDT
Mazda Road to Indy and Pirelli World Challenge race updates from Mid-Ohio as they happen on one of the busiest road racing days of the year.
Aug 1, 2015, 6:48 PM EDT
Enerson finally breaks through for overdue first Indy Lights win.
Aug 1, 2015, 5:00 PM EDT
Mercedes F1 reserve driver finishes second at the Red Bull Ring to move into the lead of the DTM championship.
Aug 1, 2015, 4:46 PM EDT
In his third career start in the ARCA Racing Series, Cole Custer breezed to victory in Saturday’s ModSpace 125 at Pocono Raceway.
- NHRA: ‘Fast Jack’ Beckman earns 5th Funny Car win of 2015; Brown (TF), McGaha (PS), Krawiec (PSM) also win 4
- After dream-fulfilling day, Graham Rahal isn’t worried anymore 0
- Graham Rahal now trails Montoya by nine points in IndyCar standings 3
- Karam’s Mid-Ohio spin triggers frustration, skepticism from IndyCar paddock 11
- Rahal scores dream win on home soil in Honda 200 at Mid-Ohio 4
- Helio Castroneves leads halfway through the Honda Indy 200 at Mid-Ohio 0
- What to watch for: IndyCar at Mid-Ohio (1:30 p.m. ET, CNBC and Live Extra) 0