American hedge fund managers sued Porsche and two of its former top managers yesterday for more than $1 billion (£620 million), in what may be one of the biggest damages claims ever received by a German company.
American hedge fund managers sued Porsche and two of its former top managers yesterday for more than $1 billion (£620 million), in what may be one of the biggest damages claims ever received by a German company.
Four fund managers — Elliott Associates, Glenhill Capital Management, Glenview Capital Management and Perry Capital — accused the sports car manufacturer, its former chief executive and its former chief financial officer of repeatedly lying about their intention to take over Volkswagen.
The fund managers claimed that they had lost more than $1 billion because they were shorting VW stock in October 2008 when Porsche surprised the stock market by revealing a 75 per cent stake in VW, sending the Beetle maker’s shares rocketing.
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Phil Beck, the funds’ attorney, said: “Porsche should be held accountable in a court of law. We’ll do whatever it takes to make sure that the rule of law is upheld.”
To read the full story, visit timesonline.co.uk
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