POAHY Porsche Automobile Holding SE (PK)

By Friedrich Geiger 

BERLIN-- Porsche Automobil Holding SE said Friday that Germany's Federal Court of Justice has in a final judgment dismissed claims of around EUR1.2 billion ($1.3 billion) from U.S. hedge funds related to losses they allegedly suffered on Volkswagen AG derivatives.

The federal court confirmed a decision of the Higher Regional Court of Stuttgart, said the company, which is a Volkswagen shareholder. It transferred its Porsche sportscar-making business to Volkswagen several years ago.

The hedge funds alleged that Porsche Holding hadn't kept investors properly informed when it was building its Volkswagen stake between 2005 and 2009, and claimed it was owed damages for losses they allegedly took from Volkswagen derivatives.

"With this decision, for the first time claims for over EUR1 billion against Porsche SE were dismissed in a final judgment of Germany's highest civil court," said executive board member, Manfred Döss. Following the dismissal of claims for damages by courts in Stuttgart and Braunschweig, this is the seventh consecutive time that a civil court has confirmed the legal opinion of Porsche Holding, the company said.

Write to Friedrich Geiger at friedrich.geiger@wsj.com

(END) Dow Jones Newswires

December 23, 2016 03:08 ET (08:08 GMT)

Grafico Azioni Porsche Automobile (PK) (USOTC:POAHY)
Storico
Da Giu 2024 a Lug 2024

Grafico Azioni Porsche Automobile (PK) (USOTC:POAHY)
Storico
Da Lug 2023 a Lug 2024