2023 Author: Eric Donovan | [email protected]. Last modified: 2023-05-21 15:44
The sports car maker won its first stage in court. The regional court of Braunschweig has acquitted the holding company of the allegation of market manipulation in two cases.
Stage victory for Porsche: The Braunschweig regional court acquitted the sports car manufacturer's holding company on Wednesday in two cases of allegations of market manipulation in the takeover battle with Volkswagen four years ago. The corresponding lawsuits were dismissed, said the presiding judge Stefan Puhle.
Investors sued for damages
A private investor and a Swiss investment company had asked Porsche Holding and a Frankfurt bank for damages amounting to millions. There are, however, three other proceedings in which the claim amounts to several billion euros and in some cases VW is also affected. Here were
several investment funds from Germany and the United States filed separate actions. Negotiations on this will probably not begin until spring 2013.
"Porsche SE welcomes the two first instance judgments of the Braunschweig Regional Court and sees its legal opinion confirmed. Porsche SE considers the claims for damages asserted by various speculators to be unfounded and the claims pending in the USA to be inadmissible and unfounded," the company said on Wednesday in a press release. (AG / dpa)