Court Dismisses Fairfax Financial Suit

The latest on the battle between Prem Watsa vs. Dan Loeb and Jim Chanos


A New Jersey State Court judge Friday dismissed Canadian insurer Fairfax Financial Holdings Ltd.’s lawsuit against hedge-fund managers Dan Loeb, Jim Chanos and their firms, alleging the managers were part of a group that targeted the Toronto company in a short-selling conspiracy.

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In his judgment, Judge Stephan Hansbury said New Jersey wasn’t the correct jurisdiction to hear the case against Third Point LLC, Kynikos Associates LP and their executives.

“Fairfax is located in Canada and has no direct connection with the State of New Jersey,” he wrote. “None of the defendants maintain offices, reside in or have any direct connection with the State of New Jersey.”

But unlike his earlier verdict involving SAC Capital Advisors LP, the judge didn’t mention the merits of the case itself. In September, the judge dismissed Fairfax’s allegations against the hedge-fund giant, saying there was no evidence SAC was part of a short-selling conspiracy.

Full article here-WSJ