A New York Supreme Court judge has tossed out Greek shipping magnate George Economou’s shareholder lawsuit against New York-listed Performance Shipping, finding that it lacks legal jurisdiction over the claims.
Judge Margaret Chan did not rule on the merits of Economou’s charges against the Athens-based company because of the jurisdictional defects she found to exist.
New York link lacking
As TradeWinds reported last October, Economou filed the lawsuit against directors and insiders of Palios-family controlled Performance, claiming they breached their fiduciary duties to shareholders in dominating voting control of the company through a dual-class ownership structure.
