A New York judge rejected a number of claims made by former Stratton Oakmont executive Andrew Greene against the Oscar-nominated film in court on Friday (02Oct15), but he didn't exactly close the book on the case.

Greene, who filed his lawsuit in February, 2014, maintains the character Nicky 'Rugrat' Koskoff, portrayed by actor P.J. Byrne, was based on himself - and he took offence to the portrayal of "a criminal, drug user, degenerate".

Lawyers representing the film companies behind the project, Paramount, Red Granite Pictures, Appian Way and Sikelia Productions, moved for dismissal in April, 2014.

On Friday, Judge Joanna Seybert rejected Greene's privacy rights claims and dismissed his original libel lawsuit, but gave the plaintiff a chance to file an amended complaint.

According to The Hollywood Reporter, she ruled, "New York courts have consistently dismissed Section 51 claims based on the use of a fictitious name, even if the depiction at issue evokes some characteristics of the person or the person is identifiable by reference to external sources.

"Accordingly, even assuming Plaintiff shares some physical similarities with the Koskoff Character or is identifiable because of his position at Stratton Oakmont, his Section 51 claim still must be dismissed."