A court in Braunschweig, Germany, dismissed two investor lawsuits against Porsche SE, “sending a discouraging signal to claimants still seeking just over 4 billion euros ($5.2 billion) in damages in Germany,” as Reuters says.
Several investors had brought suit against Porsche after they found themselves caught in a massive short squeeze. The dismissed lawsuits only wanted relatively minor compensation of 4.7 million euros. The billion dollar suits are still pending, but observers in Germany think this is a landmark decision.
Apart from the German lawsuits, there are more pending in the U.S. Both are caught up in matters of jurisdiction.
Volkswagen recently finalized buying the Porsche car business, leaving a relatively hollow Porsche holding company behind.
I’m sure if said investors showed up on some T34s wielding PPSh machine guns Porsche would pay right up. :)
But none of the suing investors were Russian. Piech is on a tear.
I want to hear the reasons why as the judgement was given with no reasons (at the time – per the article).. I wonder how much the judge cost?
This is great. Those banks suck. Owned.