At an unusually long 80-minute hearing before a panel of the 2nd U.S. Circuit Court of Appeals in New York, Porsche’s lawyer Robert Giuffra maintained that the Morrison ruling guided this case, prompting skepticism from the bench.
“That does not mean it means what you say it means,” Circuit Judge Pierre Leval said. “We have to figure out what it means. To say we should follow Morrison, duh, we know that.”
via U.S. appeals panel assesses Porsche-VW short squeeze — Reuters