Tuesday, 28 April 2015
Last updated 24 min 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.
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…