In 2008, sports car manufacturer Porsche tried to take over Europe’s largest automaker Volkswagen AG, but the worldwide financial crisis, which emerged at the end of that year, turned the tables for the Stuttgart-based company.
In a turnaround of events, Volkswagen agreed a deal to take over Porsche, which it completed in the summer of 2012; the issue isn’t over yet though, as 26 hedge funds recently sued Porsche for more than 1 billion USD in damages, claiming that the company intentionally misled investors over its intentions to take over VW Group in 2008.
The New York-based court rejected the lawsuit given that there is an inadequate connection between New York and the case, and that all transactions occurred in Germany, with nothing but phone calls and emails taking place in the US.