Porsche Automobil Holding SE scored a victory in its battle against investors seeking a total of 5 billion euros ($7 billion) over claims the German carmaker lied during its failed bid to takeover Volkswagen AG in 2008.
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.
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.
Funds of David Einhorn’s Greenlight Capital Inc. and Julian Robertson’s Tiger Management LLC are among 18 short sellers of Volkswagen AG stock that joined a fraud lawsuit against Porsche Automobil Holding SE.
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.
Rajat Gupta, while on the Goldman Sachs Group Inc. board in 2008, told Galleon Group LLC co- founder Raj Rajaratnam of the board’s talks on whether to buy American International Group Inc. or Wachovia Corp., according to a wiretapped recording.