Court Rejects Billions Against Porsche

2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36

Porsche has won another court victory against claims for damages by some American hedge funds. The funds can now submit a so-called non-admission complaint to the Federal Court of Justice.

The Porsche Automobil Holding SE has a claim for damages can fight in court for the fifth time in a row. The Stuttgart Higher Regional Court on Thursday dismissed the claims for damages by some American hedge funds amounting to 1.2 billion euros.

Porsche sees itself confirmed

After the rejection of the claims for damages by the regional courts of Stuttgart and Braunschweig, the plaintiffs now only have the option of submitting a so-called non-admission complaint to the Federal Court of Justice. Porsche SE, however, sees its legal opinion confirmed by the judgment.

The sum of 1.2 billion euros is made up of alleged short sales as well as swap and option transactions in ordinary shares of Volkswagen AG in 2008. In the course of the takeover battle with VW, investors are deceived.

Porsche under the then chairman Wendelin Wiedeking had initially denied taking over VW, but followed this plan months later. The prices shot up. Investors who had bet on falling prices lost a lot of money. This is exactly what the funds were demanding back. According to the court, Porsche did not provide any “grossly incorrect information” in this context. (AG)