The decision by Judge Charles Ramos allows claims by London trader TransAsia Commodities to continue against the New York-listed shipping company, which ventured into the mining sector last year but which TransAsia argued never had the coal that it contracted to deliver.
As TradeWinds has reported, TransAsia filed the lawsuit in January, seeking $6.2m over a failed agreement with coal-mining joint venture NewLead JMEG to buy 110,000 metric tonnes of coal.
