MILAN (Reuters), – Milan’s court ruled for Blackstone, an investment fund (NYSE:) in favor. It rejected RCS Mediagroup’s appeal against an arbitral tribunal ruling on the disputed sale.

RCS Mediagroup publishes Corriere della Sera. In 2018, RCS Mediagroup initiated arbitration proceedings to invalidate the 2013 sale to Blackstone of Milan’s historic headquarters. RCS claimed that the asking price was too low in a period when RCS was facing financial problems.

Reuters was able to see a copy of the court document that revealed how a Milan court rejected RCS’s appeal after Blackstone won an arbitration tribunal’s decision last year.

RCS had no immediate comment. Blackstone refused to comment.

Blackstone paid 120 million euro ($128m) for the office buildings. RCS was then accused of falsely asserting it still owned the building, and improperly blocking the sale to Germany’s Allianz (ETR). However, the U.S. case was suspended until the outcome of the arbitration.

U.S. fund seeks $600 Million in damages.

($1 = 0.9338 euros)