The hedge funds seeking billions of Euros in damages from Porsche’s failed Volkswagen take-over still have not found a court willing to assume jurisdicton to hear their matter: Having started out in Stuttgart, or even in New York, they have been on a trip that looked as if it had ended in Hannover, when the Braunschweig District Court (Landgericht) transferred the matter to Hannover District Court on the basis that the plantiffs relied on competition law theories. Continue reading
We have covered the Porsche hedge fund litigation here before. One of the challenges that the claimants face is to built their case of market manipulation, given the restrictions of German civil procedure. As Karin Mattusek, who covers the Porsche litigation for Bloomberg Law, put it: “Porsche Plaintiffs Seek $5 Billion With Limited Tools”. The claimants do not have access, through pre-trial discovery or disclosure, to documents and emails that record Porsche’s internal communication and decision making process, but still have the full burden of proof. Continue reading
Here’s the latest leg in the tour of Germany on which the Porsche claimants have embarked: The Braunschweig District Court (Landgericht) dealt with the claimants’ application to move the matter to Hannover today, and granted the motion. You may recall that for some claimants, this will be the third court dealing with the matter, and it looks like a safe bet that it will not be the last. Continue reading
In my view, the criminal action based on credit deception always had to be a side show in the great Porsche/Volkswagen saga. It was relatively insignificant, given the size of the securities and civil litigation, on which it has no impact, and the fact that the “victim”, BNP Parisbas, did not suffer a damage. Charges were brought nevertheless, and today, Härter was found guilty and sentenced.