Porsche Hit With $1B Suit Over VW Takeover Bid

Law360, New York (January 25, 2010, 4:01 PM EST) -- A group of investment funds has sued German carmaker Porsche AG and two of its former executives in an effort to recover over $1 billion the plaintiffs allege shareholders lost as a result of Porsche's ill-fated attempt to take over Volkswagen AG in 2008.

In a complaint filed Monday in the U.S. District Court for the Southern District of New York, the plaintiffs — a group of funds that held short positions on VW stock in 2008 — allege they became victims of a “massive short...
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