INVESTORS including US hedge fund Elliott Associates have escalated a legal battle against members of Porsche's supervisory board by seeking €1.8bn (£1.47bn) in damages from Wolfgang Porsche and his cousin Ferdinand Piech . The most recent lawsuit forms part of a legal campaign being waged by hedge funds in various courts across the world, seeking to recoup money which was lost by betting on a decline of Volkswagen's share price in 2008. Porsche yesterday dismissed the most recent lawsuit, which was lodged at a Frankfurt regional court, as "unfounded". Ferdinand Piech and Wolfgang Porsche were not immediately available for comment. A spokesman for Elliott Associates declined to comment. The funds have accused Porsche of engineering a "massive short squeeze" in October 2008 by quietly buying nearly all freely traded ordinary VW shares in a bid to take over the company, despite publicly stating it had no plans to do so. "Porsche SE and its supervisory board members will defend themselves with all available legal means," Porsche said yesterday, adding that the lawsuit in Frankfurt was no different to a lawsuit already pending in Hanover .
Most Popular Stories
- Koch Brothers Step up Anti-Obamacare Campaign
- Vybz Kartel Convicted of Murder
- Stocks Close Lower Ahead of Crimea Vote
- Ulta Shares Look Good on Strong Q4
- FDIC Sues Big Banks Over Rate Manipulation
- Jittery Investors Dumping Russian Stocks
- JLo Turns the Tables in New Vid: 'I Luh Ya Papi'
- U.S. Consumer Sentiment Falls in Early March
- FDIC Accuses Big Banks of Fraud, Conspiracy
- Is Malaysian Airlines Flight 370 in Andaman Sea?