A court in British Columbia has tossed out Carl Icahn's lawsuit against Lionsgate Ent. for their equity swap deal, which diluted Icahn's share in the company, according to The Hollywood Reporter. The judge also awarded Lionsgate court costs.

The swap reduced Icahn's shares from 37.5% to 33.5% and rose Lionsgate-brass supporting investor Mark Rachesky's shares from 19.9% to 28.9%.

The court did not agree with Icahn's claims that the move was in direct effort to block is takeover bid for the studio.