A US federal court judge has thrown out New York-based financial tech venture Yieldstreet’s $87m fraud lawsuit against US and Cyprus-based maritime financial advisors Four Wood Capital.

The summary dismissal by US district judge Paul Gardephe, of the Southern District of New York federal court, turned not on the substance of the dispute, but on whether the court had jurisdiction over the subject matter in the fight.

For defendants Four Wood Capital Advisors, Four Wood Capital Partners, Steven Baffico and Andrew Simmons, the dismissal means they are off the hook for Yieldstreet’s claims for its losses in financing cash buyer Tahir Lakhani.