Porsche says new hedge fund suit unsubstantiated
Reuters, March 16, 2011
March 15, 2011 at 08:00 PM
1 minute read
The original version of this story was published on Law.com
FRANKFURT, March 16 (Reuters) – German sports car maker Porsche SE (PSHG_p.DE) rejected a fresh lawsuit filed against it by hedge funds in the United States.
Several New York hedge funds, including some that failed in a similar suit against Porsche last year, have filed a new lawsuit accusing the carmaker of causing more than $1 billion of losses by cornering the market in shares of Volkswagen AG (VOWG_p.DE).The new suit, filed by hedge funds including Greenlight Capital LP and Tiger Global LP in a New York state court, follows the December dismissal by a Manhattan federal judge of a similar $2 billion lawsuit that is currently being appealed.
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