Porsche Automobil Holding SE: Further Hedge Funds withdraw Appeals in the Proceeding before the U.S. Court of Appeals for the Second Circuit
Porsche Automobil Holding SE / Key word(s): Legal Matter
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In the appellate proceeding before the U.S. Court of Appeals for the Second
Circuit against Porsche Automobil Holding SE ('Porsche SE') and former
members of the management board of Porsche SE 12 plaintiffs of a total of
at last 20 plaintiffs withdrew with Porsche SE's consent their appeal
against the decision of the U.S. District Court for the Southern District
of New York dismissing their actions. The effectiveness of the withdrawal
of the appeal still requires the acceptance by the court. The appellate
proceeding concerning the remaining 8 plaintiffs remains unaffected by the
withdrawal of the appeal. Porsche SE still considers the actions to be
inadmissible and the alleged claims to be without merit.
Altogether 46 hedge funds had filed actions for damages against Porsche SE
and in part against former members of the management board of Porsche SE in
the U.S. District Court for the Southern District of New York and alleged
damages of more than USD 2.5 billion in the aggregate. The plaintiffs had
alleged claims based on the U.S. securities law and common law arising out
of Porsche SE's acquisition of and disclosures regarding Volkswagen
ordinary shares in 2008. The U.S. District Court for the Southern District
of New York had dismissed the actions in December 2010 in the first
instance. 32 plaintiffs had appealed that decision. 12 out of these 32
plaintiffs had withdrawn their appeal already in March 2013.
The additional 12 plaintiffs now withdrawing their appeal had also filed
actions for damages against Porsche SE in the New York State Supreme Court.
In the proceedings before the New York State Supreme Court, plaintiffs and
Porsche SE had entered into an agreement terminating all proceedings before
that court already on 31 January 2013. Plaintiffs had 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 had agreed not to
raise any statute of limitations defense with respect to claims filed by
plaintiffs before a court in Germany within 90 days after conclusion of the
agreement. Porsche SE still believes that the asserted claims are without
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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
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