Tag: New York Supreme Court

Porsche Hedge Fund Litigation: U.S. Claims Consolidated in Germany

Porsche announced yesterday that it has reached an agreement with 26 hedge funds who had sued Porsche in U.S. courts for damages allegedly suffered by Porsche’s shorting of Volkswagen shares in 2008. Under the agreements, “plaintiffs have agreed to waive any appeal of the decision of the Appellate Division of the New York State Supreme Court dismissing their complaints, and Porsche SE has agreed not to raise any statute of limitations defense with respect to claims filed by Plaintiffs before a court in Germany within 90 days.” This agreement comes after the Appellate Division of the New York State Supreme Court at the end of December 2012 had found in favour of Porsche. It had reversed an earlier denial of Porsche’s motion to dismiss the U.S. lawsuits by the New York State Supreme Court, finding that New York is not an appropriate forum for the resolution of the hedge funds’ claims. Porsche appeared to be in a comfortable position, so why this agreement? Read More

The Porsche/Volkswagen Saga – News From Braunschweig, Stuttgart and New York

We have posted here on the securities litigation triggered by Porsche’s attempt to take over Volkswagen and covered some of its different angles. Things appeared to look not too bad for Porsche in the first court hearing in the German litigation in June 2012. Over the summer, news then were less favorable to Porsche:  Read More