Stuttgart court rejects bids to access files on Porsche probe

Article by Anita Panait, on August 25, 2013

The Stuttgart Higher Regional Court has refused access to plaintiffs seeking damages against Porsche SE over its failed takeover of Volkswagen in 2008 to files held by prosecutors in Stuttgart relating to the investigation of former Porsche executives Wendelin Wiedeking and Holger Haerter. The court denied Merckle Group unit -- HWO GmbH – and two other companies to prosecutors’ files.

The plaintiffs believe that the files could them win their civil lawsuits against Porsche. The judges said HWO can't be considered a victim of the alleged crimes, writing that investors damaged by market manipulation “aren't victims" under the rules governing access to the files.

The judges wrote that market manipulation rules "do not directly aim to protect the investors, but only the public interest in truth and trustworthiness of price building at stock exchanges."

The court’s ruling proves to be holdup for plaintiffs in the German cases against Porsche SE, which are seeking over EUR5 billion ($6.7 billion) combined. Gaining access to findings by prosecutors in a criminal investigation is considered a way to obtain additional evidence, but German law only provides only limited access to information from parties to lawsuits. 

According to Stuttgart court spokesman Stefan Schueler, the tribunal rejected bids by three companies. Porsche SE is facing a number of cases related to its disclosure in October 2008 that it controlled 74.1 percent of VW; was aiming to acquire 75 percent and eventually take it over. Porsche’s announcement caused Volkswagen's shares to soar as short sellers raced to buy shares borrowed in a gamble that VW would collapse. [source: Bloomberg]

Topics: porsche

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Your 2017 Volkswagen Golf Facelift could get as sporty looking as the Golf R with the new R-Line packages. But without the sporty run and the premium price. Set to...
by - January 17, 2017
Whether or not you’re a tech addict, you realize that the digital revolution is now moving at high speed. Before you know it, there’s already a new one on the...
by - January 17, 2017
We really couldn’t deny that quite a number of Audi customers and would-be-buyers are intently waiting for higher performance RS versions of the Audi A4 and A5. Of course, these...
by - January 17, 2017
The Chevrolet Cruze is coming to Australia. But it won’t be known as the Chevrolet Cruze. Instead, it will bear the Holden badge and get the Astra moniker. The 2017...
by - January 17, 2017
As expected, four years after the current generation of the BMW 4 Series was introduced in 2013 with the BMW 4 Series Coupe, the German premium carmaker is implementing a...
by - January 17, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries