Seeking no less than 1.8 billion euros ($2.4 billion) as compensation over the aborted purchase of VW AG in 2008, seven hedge funds finally sued Wolfgang Porsche and Ferdinand Piech.
The members of Porsche Automobil Holding SE’s supervisory board were brought in a civil action in what is a long-standing dispute over the 2008 deal. The law suit against Porsche, the board chairman, and Piech, Volkswagen’s chairman, was brought at Frankfurt Regional Court, according to a company statement, that also describes it as “without merit.”
“Porsche Automobil Holding SE (Porsche SE) is of the opinion that the “new” civil action solely functions as a trial tactic and aims to put pressure on it. Neither these supervisory board members nor Porsche SE will be intimidated by this. Porsche SE has joined the proceeding in support of the defendants,” the company says in the statement.
Since disclosing in October 2008 that it had 74.1 % of Volkswagen AG, partly through options, and was seeking to acquire 75 % and eventually take it over, Porsche has faced a series of legal actions – and now Volkswagen actually controls the Porsche brand.
Up until now Porsche managed to defend itself against allegations it manipulated Volkswagen shares. The company even ended a US litigation by winning a bid to have the cases moved to its home base, Germany. In July 2013, the company also won a ruling in an effort to block a new legal claim in the UK.