Tom Ridge, JetSmarter Board Trim Suit by Kazakh Oligarch’s Fund

Former Homeland Security Secretary Tom Ridge and other directors of JetSmarter, a private aviation “unicorn” once backed by the Saudi royal family, won a Delaware court ruling narrowing their fight with an Emirati investment fund run by the grandson of Kazakhstan’s former longtime dictator.

Vice Chancellor Paul A. Fioravanti Jr. dismissed most of the case late Monday from Delaware’s Chancery Court, saying JetSmarter’s board didn’t owe any fiduciary duties to KZ Capital General Trading LLC when it allegedly duped the private equity fund into a series of ill-fated investments.

Fioravanti did, however, let a single pared-back fiduciary breach claim ...