Former Porsche SE Chief Financial Officer Holger Haerter was fined 630,000 euros ($824,000) by a German court for credit fraud in a criminal case over the refinancing of a 10 billion-euro loan during a failed bid to buy Volkswagen AG in 2009.
Black Diamond Offshore and Elliott Associates LP, claiming Porsche Automobil Holding SE cost hedge funds more than $2 billion by misleading short-sellers in its acquisition of Volkswagen AG shares in 2008, appealed a judge’s ruling dismissing their lawsuits against the sports-car maker.
Hedge funds and institutional investors seeking 4 billion euros ($5.2 billion) from Porsche SE over its failed takeover of Volkswagen AG may be hoping, unlike most plaintiffs, that three German civil court suits take a long time to resolve.
The role of Porsche SE’s supervisory board during a failed bid to take over Volkswagen AG is being investigated as a three-and-a-half-year-old market manipulation probe spreads to the family of the company’s founder.
Federal prosecutors in New York have been examining transactions by Goldman Sachs Group Inc., accused of fraud by U.S. securities regulators, to determine whether to pursue a criminal case, according to two people familiar with the matter.
Hewlett-Packard Co. , accusing Oracle Corp. of harassing its new chief executive officer, refused to accept service of a subpoena requiring Leo Apotheker to testify at a trial over SAP AG’s downloading of Oracle software.
Former Porsche SE Chief Executive Officer Wendelin Wiedeking and ex-Chief Financial Officer Holger Haerter were charged with market manipulation over the use of options in a failed bid to take over Volkswagen AG.