Saturday, 20 September 2014
Last updated 12 hours ago
Feb 4 2014 | 12:33pm ET
The hedge funds suing Porche Automobil Holding are getting personal.
The funds, led by Elliott Management, have sued two members of the family that owns Porsche, both of whom sit on the company's supervisory board. Both Wolfgang Porsche and his cousin, Ferdinand Piech, were aware that the company was buying up Volkswagen shares in an effort to take control of the company, the funds allege. During that time, Porsche denied it had any intention to bid for VW.
That constitutes market manipulation, according to the lawsuit. Some two dozen hedge funds sued Porsche last year in Germany—after their case was thrown out in the U.S.—and Elliott, Perry Capital and other hedge funds filed their own antitrust case against Porsche a few months later.
Porsche said Sunday that the latest lawsuit was "unfounded" and that it, Porsche and Piech would "defend themselves with all available legal means."
Piech is a former chairman and CEO of VW.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.