Several prominent hedge funds, including Greenlight Capital LP and Tiger Global LP, have filed a new lawsuit accusing German automaker Porsche SE of cornering the market in shares of Volkswagen AG, causing more than $1bn of losses.

The lawsuit was filed Tuesday in New York State Supreme Court in Manhattan, after a federal judge also based in Manhattan had in December dismissed a similar lawsuit by various hedge funds, including some that sued on Tuesday. That judge cited a June 2010 ruling by the US Supreme Court that narrowed the ability of plaintiffs to use federal courts to pursue claims involving non-US conduct.