Porsche Litigation Comes to Frankfurt

We had covered the jurisdictional journey of the various claims brought by hedge funds against Porsche in relation to the failed Volkswagen take-over before. To the best of my knowledge, courts in London, New York – both federal and state court, so New York counts twice –  Stuttgart, Braunschweig and Hannover have been dealing with various aspects of these claims so far. Der SPIEGEL now reports that new claims have been issued in Frankfurt. Continue reading

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Update: Ferdinand Piech, Porsche and the Volkswagen Options

Ferdinand Piech has not been granted admission to appeal (Nichtzulassungsbeschwerde) the judgment of the Stuttgart Court of Appeals (Oberlandesgericht) of February 2012.  In this judgment, the Stuttgart court found that Mr. Piech had violated material fiduciary duties (Kardinalpflichten) which he owed to Porsche as a member of its supervisory board: His public statements showed that he failed to exercise proper control over the Volkswagen share option arrangements that were entered into as part of Porsche’s attempt to take over Volkswagen. If Mr. Piech could not understand what was going on, he should have investigated further, and potentially even tried to stop these transactions. Continue reading

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