2006 Porsche Cayman S Hatchback 2-door 3.4l on 2040-cars

Auto blog

$1.4B hedge fund suit against Porsche dismissed

Investors have canvassed courts in Europe and the US to repeatedly sue Porsche over its failed attempt to take over Volkswagen in 2008 (see here, and here and here), and they have repeatedly failed to win any cases. You can add another big loss to the tally, with Bloomberg reporting that the Stuttgart Regional Court has dismissed a 1.4-billion euro ($1.95B US) lawsuit, the decision explained by the court's assertion that the investors would have lost on their short bets even if Porsche hadn't misled them.
Examining the hedge funds' motives for stock purchases and the bets that VW share prices would fall, judge Carola Wittig said that the funds didn't base their decisions on the key bits of "misinformation," and instead were participating simply in "highly speculative and naked short selling," only to get caught out.
With other cases still pending, the continued streak of victories bodes well for Porsche's courtroom fortunes, since judges will expect new information to consider overturning precedent. If there is any new info, it could come from the potential criminal cases still outstanding against former CEO Wendelin Wiedeking and CFO Holger Härter, who were both indicted on charges of market manipulation.

Former Porsche boss Wiedeking won't face criminal charges over VW bid

Hedge fund managers have been suing Porsche for years now, alleging that the car company lied about its intentions during its failed attempt to take over Volkswagen, a gambit that caused them billion in losses. Over the same period, authorities in Stuttgart built a criminal case against former CEO Wendelin Wiedeking (above, left) and Chief Financial Officer Holger Härter (right), filing charges in December 2012. When those fund plaintiffs lost their most recent court case, one of the dimming lights in the dark and receding tunnel was that the criminal investigation might unearth more evidence about Porsche's actions that could help the plaintiffs in pending litigation.
Bloomberg reports that another light has gone out, though, with a Stuttgart court dismissing the market manipulation case before going to trial because, as a court spokesperson said, "there wasn't enough evidence backing up the charges." When prosecutors get the files back from the court, they have a week to decide to refile, but unless they've been sandbagging evidence that could bolster the case, the only lights at the end of the tunnel will be those welcoming Wiedeking and Härter back to the world of legally unencumbered men.

Le Mans-winning Porsche 935 K3 'seized' by DEA agents

Porsche has won Le Mans more than any other marque, but only one of those overall race winners was actually based on a 911. That was the 1979 Porsche 935 K3, chassis number 009 00015 that was entered by brothers Don and Bill Whittington. It went on to win at the Nürburgring and Watkins Glen, and scored podium finishes at Sebring and Brands Hatch as well. In short, it's a historically significant and hugely valuable piece of motorsport history. And it was just seized by the DEA. Sorta.
After the Whittington brothers ran afoul of a handful of lawsuits and were implicated in smuggling narcotics, the car changed hands a few times before ending up in the noted collection of one Bruce Meyers. He had it at Laguna Seca earlier this month when a black Suburban, Dodge Charger and transporter truck pulled up with government plates, asked to speak with Meyer, presented him with a court order, loaded the car onto the truck and drove off.
Though familiar with the legal disputes surrounding the ownership of the car and the misdeeds of its famous original owners, Meyer was left understandably distraught over the events that had just unfolded in front of him to separate him from his pride and joy. (Or one of them, anyway; Bruce has got an eminently desirable collection of classic cars.) But here's the kicker: those DEA agents weren't actual DEA agents. Fortunately they weren't thieves, either. The actual story could have been the plot right out of Ocean's 14 if they ever made one and it focused on classic cars. (Is anyone in Hollywood listening?)