A federal appeals court in New York has rejected Nobu Su's bid to overturn the dismissal of his lawsuit against directors and shareholders of Star Bulk Carriers claiming that he suffered wrongful dilution.
A three-judge panel of the Second Circuit Court of Appeals agreed that Su's F5 Capital did not show that it was excused from making a demand directly to Star Bulk's board of directors or shareholders before filing the lawsuit whose targets included chief executive Petros Pappas and financial firm Oaktree Capital Management.
