Monday, 4 May 2015
Last updated 6 hours ago
Aug 21 2013 | 9:32am ET
When Elliott Associates decided not to join its peers in moving their market-manipulation lawsuit against Porsche Automobil Holding to Germany, it wasn't giving up on the case. It was merely changing strategies.
Elliott and other hedge funds, including Perry Capital, have added antitrust allegations to its market-manipulation case against the carmaker. The move means that their claims won't be heard in the same court that has already rejected manipulation lawsuits filed by others—and even if the Hanover Regional Court, which has jurisdiction over cartel claims, dismisses the antitrust charges, it will still consider the other allegations.
Elliott added the antitrust claims two months after judges in Braunschweig, Germany, rejected a pair of market-manipulation lawsuits against Porsche filed by individual investors.
The hedge funds allege that Porsche secretly acquired a majority stake in Volkswagen before announcing plans to acquire it. While two former Porsche executives face criminal charges over the alleged manipulation, which did not actually result in the deal, investors have had no luck litigating over it. Earlier this year, another group of hedge funds—which Elliott dropped out of—agreed to drop their lawsuits in the U.S. and relitigate the matter in Germany.
Those 25 hedge funds filed their new suit in May, seeking €1.4 billion for unjust enrichment. Elliott and its partners demand €1.81 billion. All told, cases seeking in excess of €5 billion remain pending in Braunschweig.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…