Spyker Sues GM for Blocking Saab Deal

Spyker NV wants General Motors Co. to pay $3 billion in damages for obstructing its efforts to restructure Saab Automobile AB and driving the Swedish carmaker into bankruptcy last December.

Spyker's complaint, which was filed on Monday in U.S. District Court in Detroit, claims GM unlawfully blocked Saab's effort to partner with Zhejiang Youngman Lotus Automobile Co.

Spyker bought Saab from GM in February 2010 for $74 million and $326 million in preferred shares. But it struggled to relaunch Saab. GM repeatedly rejected would-be Saab investors, objecting to the possibility that GM technology used in Saab cars could end up in the hands of a Chinese competitor.

Because Saab Automobile is in receivership, Spyker has agreed to pay for the lawsuit in return for a "very substantial share" of a favorable court ruling on the complaint. Spyker says a third-party investor will provide financial backing for the legal costs.