Friday, 26 December 2014
Last updated 2 days ago
Jan 2 2013 | 3:45pm ET
For the second time, a group of hedge funds has seen its lawsuit against Porsche SE tossed into the trash.
A New York State appeals court dismissed the $1.4 billion claim, which accused the automaker of manipulating the market in Volkswagen shares, secretly acquiring a majority stake before announcing plans to acquire VW. That plan never came to fruition, and VW in turn bought Porsche's sports-car franchise, but the hedge funds alleged unjust enrichment, anyway.
An earlier lawsuit was junked by federal courts in 2011. The New York Appellate Division ruled that there simply was too flimsy a link between the case and the court's jurisdiction.
“The only alleged connections between the action and New York are the phone calls between plaintiffs in New York and a representative of defendant in Germany, and the e-mails sent to plaintiffs in New York but generally disseminated to parties elsewhere,” the court ruled. “We find that these connections failed to create a substantial nexus with New York, given that the events of the underlying transaction otherwise occurred entirely in a foreign jurisdiction.”
More than two dozen hedge funds were involved in the lawsuit, including Elliott Associates, Glenview Capital Partners and Viking Global Equities.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.