A Seoul court on Friday rejected American hedge fund Elliott’s payment claims for its alleged losses in the 2015 merger between Samsung C&T Corp. and Cheil Industries.

Elliott, then a minority stakeholder in Samsung C&T, opposed the merger deal and received 72.4 billion won ($54.9 million) in 2022 from the de facto holding unit of Samsung Group for not exercising its appraisal rights.

In October last year, however, the activist fund filed a lawsuit claiming an additional 26.7 billion won should be paid, citing price discrepancies in Samsung’s similar lawsuits with other shareholders.

Elliott said there was a “secret agreement” to pay the discrepancies, but Samsung denied the claims.

On Friday, the Seoul Central District Court ruled that the original appraisal rights do not include any payments on the discrepancies, saying “Elliott’s claims are baseless.”