Porsche Automobil Holding SE: Appellate Division of New York State Supreme Court reverses New York State Supreme Court's denial of Porsche SE's motion seeking dismissal of hedge funds' U.S. lawsuits

Porsche Automobil Holding SE / Key word(s): Legal Matter

27.12.2012 19:53

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The Appellate Division of the New York State Supreme Court has reversed the
New York State Supreme Court's denial of Porsche SE's motion seeking
dismissal of the hedge funds' U.S. lawsuits. Twenty-six hedge funds allege
fraud and unjust enrichment arising out of Porsche SE's transactions with
respect to Volkswagen shares in 2008. The hedge funds seek total damages
of more than USD 1.4 billion.

The Appellate Division of the New York State Supreme Court held that New
York is not an appropriate forum for the resolution of the hedge funds'
claims.

Plaintiffs have 30 days to file an appeal to the New York State Court of
Appeals, the highest court of the State of New York.


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Language: English
Company: Porsche Automobil Holding SE
Porscheplatz 1
70435 Stuttgart
Germany
Phone: +49 (0)711 911-11000
Fax: +49 (0)711 911-11819
E-mail: info@porsche.de
Internet: www.porsche-se.com
ISIN: DE000PAH0038
WKN: PAH003
Listed: Regulierter Markt in Berlin, Frankfurt (General Standard),
München, Stuttgart; Freiverkehr in Düsseldorf, Hamburg,
Hannover; Terminbörse EUREX

End of Announcement DGAP News-Service

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