Cayman Fund's London Suit Against Porsche Put on HoldJeremy Hodges
Porsche Automobil Holding SE’s U.K. dispute with a Cayman Islands-based investment fund was put on hold while a court in Stuttgart, Germany, decides where the case should be heard.
The U.K. case must be stayed until the Stuttgart Regional Court decides “whether the courts in Germany or England” take precedence in the proceedings, according to a court order dated March 6 and made public today.
Pendragon (Master) Fund Ltd. is seeking $195 million from the German carmaker stemming from its failed takeover bid for Volkswagen AG more than four years ago amid accusations of market manipulation. Elliott International LP and 11 other hedge funds agreed to drop their suit against Porsche on March 7.
Calls to Porsche’s press office and lawyers acting for Pendragon weren’t immediately returned.