thursday, 28 june of 2012

Porsche investor must prove vicious behaviour, German court says


Vicious behaviour

Porsche investor must prove vicious behaviour, German court says

An investor suing Porsche SE in Germany over allegations it lied about a Volkswagen AG takeover plan will have to prove the 911 maker used "vicious behaviour."

"The standard the plaintiff has to meet to show vicious action is extremely high," presiding Judge Stefan Puhle said at a hearing at the Braunschweig Regional Court. "We still have to think about whether it's met here and we will let you know in our ruling."

The plaintiff, an investor who traded in options and VW shares between April and early October 2008 betting the stock would fall, is seeking 3.1 million euros ($3.9 million Canadian) in damages, accusing the sports-car maker of lying in a March 2008 press release about its plans. Porsche, based in Stuttgart, Germany, has repeatedly denied any wrongdoing.

The case is one of five suits pending at the Braunschweig court seeking a total of more than 4 billion euros and claiming the 911 sports-car maker manipulated stock prices in its failed bid to take over VW. The court is holding the first hearings concerning four of the cases.

The judge scheduled a ruling for Sept. 19.

(Published by The Star - June 27, 2012)

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