Fri, Jul 31, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Hedge funds lose $1.95bn lawsuit against Porsche

Tuesday, March 18, 2014

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......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Despite bumpy June/July, CTAs hold on[more]

    Bailey McCann, Opalesque New York: To say that things have been rocky in managed futures recently is putting it mildly. In June, the industry saw its worst month on a performance basis in the past four years. Then yesterday,

  2. Investing - Hedge funds, seeing opportunity, invest in struggling hotels in Puerto Rico[more]

    From NYTimes.com: Puerto Rico’s tourism industry has fallen victim to the island’s struggling economy, hit by one misfortune after another. In March, the San Juan Beach Hotel filed for bankruptcy. This week, the Condado Plaza Hilton was forced to close its casino. But nearly two thousand miles away,

  3. Investing - Hedge fund billionaires bet on London as revival gathers pace[more]

    From Bloomberg.com: London’s fund industry is bouncing back, and U.S. billionaires Steven A. Cohen and Ken Griffin are grabbing a piece of the action. Griffin’s Citadel and Millennium Management, a hedge fund run by Israel Englander, have bulked up in London, where asset growth is outpacing the U.S.

  4. Opalesque Roundup: Hedge fund assets rose to 11th consecutive quarterly record level: hedge fund news, week 31[more]

    In the week ending 24 July, 2015, the total global hedge fund industry assets rose to the 11th consecutive quarterly record level in 2Q15 to $2.97tln; Eurekahedge reported that hedge funds raised $93bn in the first six months of 2015; The SS&C GlobeOp Forward Redemption Indicator for July 201

  5. Other Voices: Same day reporting and the evolving role of fund administrators[more]

    By: Scott Price, Head of Business Development and Client Management for North America, Maitland Ernst & Young’s latest glob

 

banner