EU High Court Upholds Germany's Volkswagen Veto Law

Law360, New York (October 22, 2013, 2:23 PM EDT) -- The European Union's highest court ruled Tuesday that Germany's controversial Volkswagen law, which granted a German state the power to thwart hostile takeovers, complies with EU law, allowing Germany to escape tens of millions of dollars in penalties.

The EU Court of Justice rejected the European Commission's argument that the law, which was revised after a 2007 ruling by the high court, still violated the free movement of capital guaranteed by EU law by granting Lower Saxony, a minority shareholder in Volkswagen, the right to block...
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