PORSCHE WINS SUIT: DIRECTOR’S ACQUITTED OF LIABILITY

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