Porsche continues to face legal battle against hedge fun cartel claims
Porsche SE continues to face new legal battles against investors over their aborted purchase of Volkswagen AG.
Porsche faced numerous investor suits after their alleged manipulation of the Volkswagen bid in 2008. Porsche is suspected of leading a cartel when it allegedly made a bank impose restrictions on the number of shares that it could buy.
Despite the numerous investor suits over the years, Porsche managed to end most of the cases in the United States. Winning their bid to move litigation to Germany, most of the cases against the company are pending hearing in the courts of Braunschweig. But a suit remains in the Hanover Regional court where they have exclusive jurisdiction over cartel allegations.
Some of the investors involved in the litigation include Elliot International LP and Perry Partners LP who have both filed anti-cartel suits and anti-trust suits worth US$2.4 billion. Whether the courts will grant damages remain unclear. The investors though are certain to appeal their case all the way to the highest courts of Germany.