Porsche, Piech Sued in Frankfurt by Hedge Funds Over VW
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Seven hedge funds sued Wolfgang Porsche and Ferdinand Piech, members of Porsche Automobil Holding SE’s supervisory board, seeking 1.8 billion euros ($2.4 billion) of compensation over the aborted purchase of Volkswagen AG in 2008.
The funds brought a civil action against Porsche, the board chairman, and Piech, Volkswagen’s chairman, at Frankfurt Regional Court, Porsche SE said today in an e-mailed statement. The company said it will contest the suit, describing it as being without merit.