Investors including U.S. hedge fund Elliott Associates have escalated a legal battle against members of Porsche's supervisory board by seeking 1.8 billion euros ($2.43 billion) in damages from Wolfgang Porsche and his cousin Ferdinand Piech. The most recent lawsuit forms part of a legal campaign being waged by hedge funds in various courts across the world, seeking to recoup money which was lost by betting on a decline of Volkswagen's share price in 2008. On Sunday, Porsche dismissed the most recent lawsuit, which was lodged at a Frankfurt regional court, as "unfounded". Ferdinand Piech and Wolfgang Porsche were not immediately available for comment.
via Business News - Yahoo Finance http://ift.tt/LoWueV
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