Porsche SE
The process had dragged on for a long time, mainly because of numerous claims for bias by the plaintiffs.
(Photo: dpa)
In the trial over the ten-year-old takeover of Volkswagen by Porsche Holding, the court dismissed claims from investors for billions in damages. On Friday, the 1st Cartel Senate of the Higher Regional Court in Celle rejected the determination targets requested by the plaintiffs or declared some to be inadmissible.
At the beginning of the trial in October 2017, the court had already expressed doubts about possible claims for damages. In the arguments put forward by the suing hedge funds and private investors, it saw no evidence that the investors were deliberately misled by VW’s main owner, Porsche SE.
The plaintiffs allege that management concealed its true intentions and sneaked up on Volkswagen in order to take control of the much larger Wolfsburg-based carmaker. They are demanding 5.4 billion euros for the price losses they have cited.
The process had dragged on for a long time, mainly because of numerous claims for bias by the plaintiffs. There were also several interruptions due to the Covid pandemic.
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