Porsche Off The Hook In $1B Suit Over VW Short Squeeze

Law360, New York (January 2, 2013, 10:08 PM EST) -- Porsche Automobil Holding SE last week ditched two fraud suits from dozens of hedge funds that once held short positions in Volkswagen AG and claim Porsche cost them more than $1 billion in 2008 when its takeover attempt exploded VW's stock prices.

A five-panel judge from the New York Appellate Division found the hedge funds could not prove a sufficient connection to the Empire State, so it reversed the August 2012 decision of trial court judge and granted Porsche's motion to dismiss under the doctrine of...
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