Porsche Automobil Holding SE: Termination of the proceedings before the New York State Supreme Court and waiver of statute of limitations defense in Germany
Porsche Automobil Holding SE / Key word(s): Legal Matter
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Porsche Automobil Holding SE ('Porsche SE') and plaintiffs in the
litigation against Porsche SE in the New York State Supreme Court
('Plaintiffs') entered into an agreement terminating all proceedings before
that court. Plaintiffs have agreed to waive any appeal of the decision of
the Appellate Division of the New York State Supreme Court dismissing their
complaints, and Porsche SE has agreed not to raise any statute of
limitations defense with respect to claims filed by Plaintiffs before a
court in Germany within 90 days. Notwithstanding the above, Porsche SE
believes that the asserted claims would be without merit.
In February and March 2011, twenty-six global hedge funds alleged fraud and
unjust enrichment claims against Porsche SE in the New York State Supreme
Court in connection with its transactions with respect to Volkswagen shares
in 2008. The hedge funds sought damages of more than USD 1.4 billion. On
December 27, 2012, the Appellate Division of the New York State Supreme
Court held that New York is not an appropriate forum for the resolution of
Plaintiffs' claims and dismissed their complaints.
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Company: Porsche Automobil Holding SE
Phone: +49 (0)711 911-11000
Fax: +49 (0)711 911-11819
Listed: Regulierter Markt in Berlin, Frankfurt (General Standard),
München, Stuttgart; Freiverkehr in Düsseldorf, Hamburg,
Hannover; Terminbörse EUREX
End of Announcement DGAP News-Service