Porsche Wins Dismissal of $5.3 Billion Case Linked to Volkswagen Saga
- Judges saw no ground to grant damages to investors over VW
- Ruling comes day after Porsche returned to stock market
Signage for Porsche AG inside the Frankfurt Stock Exchange following the automaker's initial public offering in Frankfurt, Germany, on Sept. 29.
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
Porsche Automobil Holding SE won the dismissal of lawsuits from hedge funds seeking about 5.4 billion euros ($5.3 billion) in damages they say they incurred during Porsche’s failed takeover of Volkswagen AG more than a decade ago.
Institutional investors and private shareholders had pursued Porsche for compensation for losses they suffered in the trading of Volkswagen stock. German judges on Friday also rejected related suits against VW from investors who sought 2.3 billion euros from the automaker because they say it failed to warn them about the alleged market manipulation.