German court assigns one of six Porsche plaintiff cases to tribunal
06/19/2013 // West Palm Beach , Florida, US // JusticeNewsFlash // Justice News Flash // (press release)
Berlin – A German court has made a ruling that purportedly gives a boost to lawsuits brought against Porsche SE by investors suing the company over a 2008 attempt to take over Volkswagen that failed. As reported by Reuters, after plaintiffs made the request, the regional court in Braunschweig assigned one of six cases to a tribunal that specializes in cartel matters. A spokesperson for seven plaintiffs said the decision will allow the case to be assessed by judges who have more knowledge about capital markets.
Robert Heym, an attorney not involved in the case, is quoted in the report as stating of the judge’s decision Wednesday, “The decision should give tailwind to plaintiffs as the case will be elevated to a new level.”
The investors are suing Porsche for more than 4 billion euros ($5.4 billion).
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