2nd Circuit Rejects Investor's Claim to Future Profits from Oil Deal

NEW YORK - A federal appellate court has affirmed a lower court ruling dismissing claims by a Colorado investor to future profits from an overseas oil development project on grounds of res judicata. Pricaspian Development Corp. v. Total S.A., No. 09-5040 (2nd Cir.).

The 2nd Circuit Court of Appeals on Oct. 21 rejected Pricaspian Development Corp.'s argument that New York's borrowing statute didn't apply and ruled that the company's claim to a share of oil profits was barred by virtue of prior holdings by the U.S. District Court for the District of Colorado and the 10th Circuit.

Pricaspian contended that …