Monday, 3 August 2015
Last updated 5 hours ago
Feb 14 2014 | 9:24am ET
A German court has expressed skepticism about a market-manipulation lawsuit against Porsche Automobil Holding filed by more than two dozen hedge funds.
The hedge funds, including Glenhill Capital, Greenlight Capital and Viking Global Investors, allege that Porsche secretly acquired a majority stake in Volkswagen before announcing plans to acquire it. Two former Porsche executives are facing criminal charges over the alleged manipulation.
But a judge in Stuttgart said that the lawsuit, filed last year after the hedge funds agreed to abandon their efforts to sue Porsche in the U.S., warned this week that "there's a whole series of obstacles that need to be overcome."
"We see considerable litigation risks for the plaintiffs," Carola Wittig said.
The hedge funds are seeking €1.4 billion.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…