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German Court Clears Porsche in U.S. Investor Lawsuit
An appeal court in Stuttgart has dismissed a €1.2 billion claim by American hedge funds that Porsche Automobil Holding SE misled them about its efforts in 2008 to take control of Volkswagen AG.
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An appeal court in Stuttgart has dismissed a €1.2 billion claim by American hedge funds that Porsche Automobil Holding SE misled them about its efforts in 2008 to take control of Volkswagen AG.
The holding company notes the decision marks the fifth time a German court has rejected such claims. Porsche SE says Thursday's decision concludes all litigation in the U.S.
The lawsuits stemmed from the holding company's insistence seven years ago that it was not amassing control of VW shares through swaps and options. The price of VW shares later soared on news of Porsches takeover attempt, thus hurting hedge funds that bet the share price would decline.
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