Filed under:
Europe,
Government/Legal,
Porsche,
Volkswagen
Investors have canvassed courts in Europe and the US to repeatedly sue
Porsche over its failed attempt to take over
Volkswagen in 2008 (see
here, and
here and
here), and they have
repeatedly failed to win any cases. You can add another big loss to the tally, with
Bloomberg reporting that the Stuttgart Regional Court has dismissed a 1.4-billion euro ($1.95B US) lawsuit, the decision explained by the court's assertion that the investors would have lost on their short bets even if Porsche hadn't misled them.
Examining the hedge funds' motives for stock purchases and the bets that VW share prices would fall, judge Carola Wittig said that the funds didn't base their decisions on the key bits of "misinformation," and instead were participating simply in "highly speculative and naked short selling," only to get caught out.
With other cases still pending, the continued streak of victories bodes well for Porsche's courtroom fortunes, since judges will expect new information to consider overturning precedent. If there is any new info, it could come from the potential criminal cases still outstanding against former CEO Wendelin Wiedeking and CFO Holger Härter, who were both
indicted on charges of market manipulation.
$1.4B hedge fund suit against Porsche dismissed originally appeared on
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19-03-2014, 06:40 PM
