US judge dismisses Spyker’s $3-billion suit against GM

Article by Anita Panait, on June 11, 2013

Judge Gershwin Drain of the United States District Court for the Eastern District of Michigan has dismissed a $3-billion lawsuit filed by Dutch sports car maker Spyker against General Motors Co. Spyker filed a suit against GM in August 2012, accusing the US carmaker of trying to prevent an agreement to sell collapsed Swede carmaker Saab to Zhejiang Youngman Lotus Automobile Co. as well as trying get rid of possible competitor in China.

In dismissing Spyker’s lawsuit, Drain said that GM had a contractual right to disapprove the proposed agreement. He ruled that GM had the right to block the sale of Saab, which is using its technology. He said that the acquisition agreement that gives GM the right to stop Saab’s change of ownership "is clear, unambiguous and absolute."

Drain added that GM’s statements expressing its opposition to the Youngman deal were not made with malice or to intentionally harm Saab. GM spokesman Dave Roman told Reuters in an e-mail that the carmaker is pleased with the court's decision to dismiss the case.

Spyker chief executive Victor Muller remarked to Reuters that they will wait for and assess first the written order. In 2012, GM discarded claims that it intently bankrupted Saab by blocking a deal with Youngman. GM has said that the lawsuit was without merit, noting that it had the legal right to approve Saab's transaction.

Topics: spyker, gm, lawsuit

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