Funds Hit Porsche With $1B Suit Over VW Takeover Bid

Law360, New York (March 15, 2011, 9:37 PM EDT) -- A group of hedge funds launched a legal battle in New York state court Tuesday to recover more than $1 billion in losses allegedly caused by Porsche Automobil Holding SE's proposed takeover of Volkswagen AG.

Glenhill Capital LP, Greenlight Capital LP, Tiger Global LP and 20 other funds sued Porsche in the Supreme Court of the State of New York, County of New York, accusing the carmaker of covering up an immense short squeeze that skyrocketed the price of VW shares by several hundred percent....
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