Porsche SE Says Court Rejected Suit Against It

By Kim Richters

Porsche Automobil Holding SE said on Friday that a German court has rejected an investor lawsuit against the company concerning claims for damages of around 5.4 billion euros ($5.30 billion) related to an investment in Volkswagen AG.

Porsche SE said the decision for this capital markets model case made by the Higher Regional Court of Celle concerns an increase of its investment in the car maker years ago.

According to Porsche SE, 40 plaintiffs are seeking damages of around EUR5.4 billion plus interest, claiming alleged market manipulation and alleged inaccurate information in connection with the investment.

"In part these claims are also based on alleged violations of antitrust regulations," it said.

The company said the court decided that Porsche SE's communication at the time regarding its stake in Volkswagen was accurate. "Accordingly, there are no circumstances giving rise to any legal liability of Porsche SE," it said.

The decision isn't final and an appeal is possible.

At 0912 GMT, preferred shares in Porsche SE were trading 3.8% higher at EUR62.78.

Write to Kim Richters at [e-mail]

(END) Dow Jones Newswires

September 30, 2022 06:06 ET (10:06 GMT)

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