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Judge in Germany Dismisses Hedge Fund Suit Against Porsche Holding

DealBook – The former holding company for the automaker Porsche won a victory Monday in its long-running legal battle with a group of aggrieved hedge funds, after a judge in Stuttgart dismissed a suit seeking damages over events leading up to its unsuccessful attempt to acquire Volkswagen.

A group of 23 hedge funds had been seeking 1.36 billion euros, or $1.89 billion, in damages from Porsche Holding over what the funds said were misleading statements made by company executives before the attempt in 2008 to acquire Volkswagen. Volkswagen eventually agreed in 2012 to acquire all of Porsche after discussions began in 2009.

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