Porsche Says Morrison Ruling Blocks Hedge Fund Suit

Law360, New York (September 2, 2010, 2:40 PM EDT) -- German automaker Porsche Automobil Holding SE says a recent U.S. Supreme Court ruling blocks a lawsuit by hedge fund investors seeking to recoup more than $2 billion in losses stemming from Porsche's failed 2008 bid to take over Volkswagen AG.

In a memorandum on Tuesday accompanying a motion to dismiss filed in the U.S. District Court for the Southern District of New York, Porsche said the high court's June decision in Morrison v. National Australia Bank Ltd., which banned so-called foreign-cubed securities litigation, effectively shuts down...
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