Sequoia Fund wins dismissal of lawsuit over huge Valeant stake

A New York state judge has dismissed a lawsuit accusing the Sequoia Fund, known for its ties to Warren Buffett, of recklessly making a huge, disastrous investment in Valeant Pharmaceuticals International Inc ( Justice O. Peter Sherwood of the State Supreme Court in White Plains, New York, said Sequoia shareholders failed to show it would have been futile, prior to suing in January 2016, to demand that the mutual fund's directors step in to unwind the investment because of their alleged conflicts of interest. The judge said the shareholders could try to amend their complaint, but that this appeared to be "a fool's errand."