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Porsche Seeks Reversal of U.S. Court Ruling
Porsche Automobil Holding SE has asked a New York state appeals court to reverse a lower court decision that the company must face a lawsuit from hedge funds.
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Porsche Automobil Holding SE has asked a New York state appeals court to reverse a lower court decision that the company must face a lawsuit from hedge funds.
The plaintiffs claim they lost about $1 billion (€771 million) because Porsche fraudulently misrepresented its intention to acquire Volkswagen AG four years ago.
The lower court rejected Porsche's claim that the case should not be heard by an American court because it involves claims of manipulation of German securities and the German stock market.
A U.S. federal judge cited such grounds when he dismissed an early claim by the hedge funds in late 2010. They filed the current complaint in state court last year.
Investors also are suing the company in Germany and the U.K.
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