Tuesday, 1 December 2015
Last updated 10 hours ago
Mar 8 2013 | 8:52am ET
Porsche Automobil Holding said 12 hedge funds—including Elliott Associates—have decided to drop out of a suit accusing the German automaker of market manipulation.
Their departure, which must be approved by the Federal 2nd U.S. Circuit Court of Appeals, will leave 20 hedge funds pressing the suit, according to a Porsche press release.
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.
The dismissal was later brought to the federal 2nd U.S. Circuit Court of Appeals.
Porsche also said the move does not affect a separate lawsuit, for damages of €1.8 billion, the hedge funds are pursuing in a court in Germany's Braunschweig.
Porsche said it considers the actions to be "inadmissible and the alleged claims to be without merit."
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…