German Federal Court confirms decision of the Higher Regional Court of Celle in favor of Porsche SE

• No claim of Plaintiffs for damages in the amount of 5.4 billion Euro
• Ruling of German Federal Court binding upon courts in initial proceedings

Stuttgart, 30 September 2026. In the capital markets model case against Porsche Automobil Holding SE (Porsche SE), the German Federal Court dismissed the plaintiffs' appeals against the capital markets model case decision of the Higher Regional Court of Celle. In connection with the increase of shareholding in Volkswagen AG by Porsche in the years since 2005, 40 plaintiffs, mostly US hedge funds, had asserted claims for damages amounting to around €5.4 billion (plus interest). 

With the ruling of the German Federal Court, it is now established that the findings sought by the plaintiffs against Porsche SE in the capital markets model case are not to be made and that the plaintiffs in the initial proceedings have no claim for damages against Porsche SE. The ruling is final and binding upon the courts handling the initial, currently suspended proceedings. The model case proceedings are terminated. Based on the current situation and the decision of the German Federal Court, the lawsuits in the suspended initial proceedings are to be dismissed. 

Porsche SE welcomes the decision of the German Federal Court and considers its legal opinion confirmed that the lawsuits in the suspended initial proceedings are without merit.