PORSCHE WINS SUIT: DIRECTOR’S ACQUITTED OF LIABILITY

by Zack Colt

On 28 May in Bloomberg, Porsche who is the manufacturer of “911 sports car”, succeed to win the lawsuit filed by the minority investors regarding the decisions made in the shareholders meeting on January 2009. The lawsuit that also imposed liability on the board of directors for the fiscal year of 2008 was dismissed by the Stuttgart Regional Court in Germany.

The bidders accused the directors for approving illegitimately high reimbursement for the board of management and sued the company for a sum of $177.4 million or €143.5 million, about €139.5 million of which were connected to alternatives on the Volkswagen. Even though the unproductive attempt had resulted in Porsche’s debt being tripled to almost €ten billion, Frank Gaube who is the company’s spokesman said that Porsche’s reputation was resumed completely by the Stuttgart Regional Court. Since, the shareholders meeting in January 2009, in which the decisions made about the takeover bid, were abandoned. The minority of shareholders asked the court to nullify decisions made at the annual meeting as the judgment was conducted opposing to appropriate rules and regulations including the bureaucratic issues such as appropriate summons to the gathering.

Reference: http://www.bloomberg.com/apps/news?pid=20601100&sid=am3w4VpJgmRI

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

SpeedLux

SpeedLux is a high-authority automotive blog providing the latest automotive news and reviews. SpeedLux covers everything related to cars, bikes, and motorcycles, from news and reviews, to troubleshooting guides, tips and tricks, and more. SpeedLux was born in 2009 and we have over 20,000 articles published on our blog. We thank all our readers, as well as our partners, without whom we could not have reached this level.

Subscribe

©2009 – 2024 SpeedLux – Daily Automotive News and Reviews. All Right Reserved.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More