A German court Wednesday said an investor lawsuit claiming
damages from Porsche Automobil Holding SE (PAH3.XE) should be tried
in a court in Hanover that specializes in cartel law.
The regional court in Braunschweig said the case should be heard
at a court which specializes in hearing financial cases involving
the alleged abuse of market power, one of which is in Hanover.
The investors allege the company manipulated the market and
provided inaccurate capital market information during its failed
attempt to takeover Volkswagen AG (VOW.XE) in 2009. The funds,
including DE Shaw, Elliott, Perry Capital and York Capital, are
claiming damages of around 1.96 billion euro ($2.62 billion).
The case was originally filed in Stuttgart but the court turned
the case over to Braunschweig saying the case didn't fall within
its jurisdiction. In April, Braunschweig judge Stefan Puhle said it
was possible that the case would have to be forwarded to a special
court with cartel law jurisdiction.
Earlier this month, former Porsche Automobil Holding SE
(PAH3.XE) chief financial officer Holger Haerter was found guilty
of intentionally making false declarations during loan negotiations
associated with the attempted takeover of Volkswagen. Mr. Haerter
has said he will appeal the ruling.
Write to the Frankfurt Bureau at
djnews.frankfurt@dowjones.com
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