News

German cartel court takes on Porsche lawsuit.

Issued at 2013-06-20



A German court, specialising on cartel matters, has assigned an investor lawsuit seeking about 2 billion euros in damages from Porsche SE.

The regional court in Braunschweig, Germany, will delegate the case, brought by U.S. investment funds, to a Hanover-based court specialising in cartel matters, the source familiar with the matter told Reuters.

The case is part of a group of German and U.S. investor suits seeking a combined total of more than 4 billion euros over allegations that Porsche SE, which owned the Porsche carmaker at the time, manipulated shares in 2008 in a failed bid to take over Volkswagen Group, Automotive News reported.

Source: Automotive News