Porsche Must Face New York Suit by Hedge Funds, Judge Rules

Porsche SE must face a lawsuit claiming it hid its plan to corner the market in Volkswagen AG shares, a state judge in New York ruled, rejecting the sports-car maker’s bid to dismiss the case.

New York State Supreme Court Justice Charles Edward Ramos today said the “core” issue of the claims by 26 hedge funds including Greenlight Capital Inc. and Glenhill Capital LP is whether New York courts may hold a foreign entity responsible for fraudulent misrepresentations aimed at plaintiffs in the state. Porsche, in an e-mailed statement, said it will appeal the decision.