Oaktree Beats Suit by Jilted Buyer Who Partnered With JPMorgan

Oaktree Capital Management Inc. affiliates prevailed in court against a minority investor who unsuccessfully teamed up with JPMorgan Chase & Co. to buy a short-line railroad, which was instead sold to Macquarie Group Ltd.

A Delaware judge Monday rejected claims that Oaktree and the railroad’s chief executive tipped the scales to snub an acquisition attempt by the investor, Gary Marino, and a JPMorgan fund. Although Oaktree breached its duty to deal fairly with Marino, he failed to establish a workable damages estimate or prove he would have been able to top the Macquarie bid, the judge said.

A memorandum ...