Friday, 31 October 2014
Last updated 5 hours ago
May 13 2013 | 10:42am ET
The battle between more than two dozen hedge funds and Porsche Automobil Holding is back on—in Germany.
As promised, 25 hedge funds that had been suing the automaker for market-manipulation in both federal and state courts in New York have moved their litigation across the Atlantic. The hedge funds dropped their U.S. cases in February and agreed to bring the case in Germany; Porsche, for its part, gave the hedge funds 90 days to do so.
According to the hedge funds, Porsche secretly acquired a majority stake in Volkswagen before announcing plans to acquire it. While that plan never came to fruition, thanks in part to the hedge funds' lawsuit, the funds allege unjust enrichment all the same.
Two former Porsche executives are facing criminal charges over the alleged manipulation.
The hedge funds, including Glenhill Capital, Greenlight Capital and Viking Global Investors are seeking €1.4 billion in the new lawsuit, filed in Stuttgart, Porsche's home city.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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