Porsche Automobil Holding SE(POAHF.PK,POAHY.PK), a holding company of the German sports car maker, said Thursday that the Appellate Division of the New York State Supreme Court has reversed the New York State Supreme Court's denial of Porsche SE's motion seeking dismissal of the hedge funds' U.S. lawsuits.
Twenty-six hedge funds alleged fraud and unjust enrichment arising out of Porsche SE's transactions with respect to Volkswagen (VOW.BE,VLKAF.PK,VKW.L) shares in 2008. The hedge funds seek total damages of more than US$1.4 billion.
The Appellate Division of the New York State Supreme Court held that New York is not an appropriate forum for the resolution of the hedge funds' claims.
Plaintiffs have 30 days to file an appeal to the New York State Court of Appeals, the highest court of the State of New York.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.