Porsche SE Wins Final Ruling as German Court Dismisses €5.4 Billion Hedge Fund Claim; Shares Rise 2.5%

Porsche Automobil Holding SE (PAHA.F, POAHY.PK) said Sept. 30 that Germany's Federal Court ruled in its favor, dismissing a €5.4 billion ($6.4 billion) damages claim in a capital markets model case. The court rejected plaintiffs' appeals and upheld the Higher Regional Court of Celle's decision. Shares rose 2.49% to €25.95 on XETRA. Forty plaintiffs, mostly U.S. hedge funds, had sought damages tied to Porsche's increase of its Volkswagen AG stake beginning in 2005. The ruling is final and binding, terminating the model case and requiring dismissal of lawsuits in suspended initial proceedings. Porsche said the decision confirms its position that the claims are without merit. The company holds majority stakes in Volkswagen AG and Porsche AG.