Porsche Jumps on New York Court Dismisal of VW Stake Case

Porsche SE rose to the highest in almost two years after an appeals court ruled that New York state isn’t the proper location for hedge funds to sue the German carmaker over its stake strategy in buying Volkswagen AG.

There’s an “inadequate connection” between New York and the events at issue in the case, with only e-mails and phone calls taking place there, the Appellate Division of the state’s Supreme Court said in a decision yesterday. Porsche jumped as much as 7.4 percent to 62.37 euros in Frankfurt trading, the highest price since Jan. 19, 2011.