Though the start of a new year is traditionally a time to look to future, Porsche instead will be forced to relive a painful incident from the past as a a group of investment funds are seeking $2.6 billion in damages over the automaker’s unsuccessful 2008 takeover attempt of Volkswagen.
Porsche gained control over the price of VW common stock as it secretly built enormous derivative positions covering almost all of VW’s freely traded shares, then triggered a massive short squeeze, and finally released billions of euros worth of shares into the short squeeze for its own profit,†read a statement from the investors.
“The accusations are  … More
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