Porsche Automobil Holding SE: U.S. court rejects claims for damages from Elliott Associates and Black Diamond hedge funds
Porsche Automobil Holding SE / Key word(s): Miscellaneous
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Today, the U.S. District Court for the Southern District of New York
granted Porsche SE's motion to dismiss the complaints in the Elliott
Associates and Black Diamond actions in their entirety. In these cases,
which were filed in federal court in New York, a total of 39 plaintiffs
asserted claims against Porsche SE under the U.S. securities laws and
common law arising out of Porsche SE's acquisition of and disclosures
regarding Volkswagen ordinary shares in 2008. Plaintiffs alleged total
damages of more than USD 2 billion.
The U.S. Court held that federal securities laws do not apply to
plaintiffs' claims based on their alleged securities-based swap agreements
referencing Volkswagen ordinary shares.
The U.S. Court also dismissed the actions against Porsche SE's former CEO,
Dr. Wendelin Wiedeking, and its former CFO, Mr. Holger Härter.
Plaintiffs have 30 days to file an appeal to the U.S. Court of Appeals for
the Second Circuit.
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Company: Porsche Automobil Holding SE
Phone: +49 (0)711 911-11000
Fax: +49 (0)711 911-26375
Listed: Regulierter Markt in Berlin, Frankfurt (General Standard),
München, Stuttgart; Freiverkehr in Düsseldorf, Hamburg,
Hannover; Terminbörse EUREX
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