Porsche Automobil Holding SE (PAH3.XE) said Thursday it and the
plaintiffs in a case before the New York State Supreme Court
entered into an agreement terminating all proceedings before the
court.
As part of the agreement, the plaintiffs will waive any appeal
of the decision of the Appellate Division of the New York State
Supreme Court dismissing their complaints, while Porsche SE has
agreed not to raise any statue of limitations defense with respect
to claims filed by plaintiffs before a court in Germany within 90
days.
In late December 2012, a New York appeals court panel dismissed
a lawsuit by 26 hedge funds seeking more than $1.4 billion in
damages stemming from Porsche's failed attempt to take over
Volkswagen.
The 26 hedge funds argued that Porsche in 2008 led them to
believe it was seeking a 51% stake in Volkswagen in 2008. After
announcing the Porsche had snapped up nearly 75% of shares, VW
share price tripled, causing massive losses for some traders.
Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500
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