Komfie Manalo, Opalesque Asia:
Some 23 hedge funds, including Viking Global Equities LP, Glenhill Capital LP and David Einhorn’s Greenlight Capital, lost in their $1.95bn lawsuit against Porsche Automobil Holding SE which they accused of lying during its failed bid to take over Volkswagen AG in 2008. In all, investors are seeking a total $7bn in claims against the German carmaker in several lawsuits.
Investors and the 23 hedge funds have escalated their legal battle against members of Porsche's supervisory board and sought $1.95bn in damages from Wolfgang Porsche and his cousin Ferdinand Piech. The lawsuit forms part of a legal campaign being waged by hedge funds in various courts across the world, seeking to recoup money which was lost by betting on a decline of Volkswagen's share price in 2008.
According to SF Gate, the Stuttgart Regional Court dismissed the cases against Porsche and said even if the German automaker lied to its investors, the hedge funds would still have lost.
This is the second victory for Porsche regarding its failed VW takeover after two similar cases were dismissed in Braunschweig in 2012. Investors accused Porsche of misleading them over the company’s intention to own majority stake in......................
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