Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

Court sides with Porsche against investors

Share this article

Court sides with Porsche against investors
Photo: DPA
11:09 CEST+02:00
A court has rejected two claims from Porsche investors who sued the German luxury sports car firm after its failed merger with the Volkswagen group in 2008 led to large losses.

The regional court in Braunschweig dismissed two of the claims which together sought just under €5 million.

Those suing argued that Porsche manipulated the stock market with its stunning 2008 announcement that it was taking over Volkswagen, which in turn sent Volkswagen stock prices through the roof.

The takeover eventually failed, leading to massive losses for investors.

Judge Stefan Puhle said the press releases issued by Porsche on March 3 and 10, 2008 were, “in their contents not grossly false.”

A spokesman for Porsche said the court's decision on Wednesday was a 'positive signal.'

It became apparent that the claim would likely be rejected at a hearing back in June. Puhle said then that it would be a "difficult act" to convict Porsche and made it clear that the German Supreme Court (BGH) had created extremely high barriers to such judgements.

Three further claims which seek a combined total of €4.1 billion, are still pending at the regional court.

The luxury car maker was later saved by Volkswagen, which completed its takeover of Porsche last month.

DAPD/The Local/sh

Get notified about breaking news on The Local

Share this article

Become a Member or sign-in to leave a comment.
Advertisement

From our sponsors

Zagreb: Spend this summer in Croatia's vibrant capital city

Lush green parks throughout the city centre, imposing heritage buildings, real Central European cafe society and Mediterranean style hospitality. Welcome to Zagreb, Croatia's stunning capital!

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement