US District Court Rejects Telenor’s Claims on Altimo’s purchase of Vimpelcom shares
On 25 March, the US District Court for the Southern District of New York threw out at the preliminary stage three of the five substantive counts that Telenor brought against Altimo and its affiliates on the ground that these claims did not state proper claims under US law.In June 2007, Telenor brought an action against Altimo in the federal court in New York, claiming that Altimo had violated US securities laws when it bought 9.5% of VimpelCom shares between in 2006-2007. On Monday, the Court dismissed the most serious of these claims — that Altimo had engaged in insider trading — saying