STUTTGART (dpa-AFX) - Porsche Automobil Holding SE (PAHA.F, POAHY.PK), which holds majority stake in Volkswagen AG and Porsche AG, Wednesday announced that the German Federal Court has ruled in favor of the company, dismissing the 5.4 billion euros damages claim in the capital markets model case.
The German Federal Court dismissed the plaintiffs' appeals and confirmed the decision of the Higher Regional Court of Celle in favor of Porsche.
The company noted that 40 plaintiffs, mostly US hedge funds, had asserted claims for damages in connection with the increase of shareholding in Volkswagen AG by Porsche in the years since 2005.
The ruling is final and binding upon the courts handling the initial, currently suspended proceedings, the firm added.
With this, the model case proceedings are terminated, and the lawsuits in the suspended initial proceedings are to be dismissed based on the current situation and the decision of the German Federal Court.
Porsche said, 'With the ruling of the German Federal Court, it is now established that the findings sought by the plaintiffs against Porsche SE in the capital markets model case are not to be made and that the plaintiffs in the initial proceedings have no claim for damages against Porsche SE.'
Porsche added that it considers its legal opinion is confirmed that the lawsuits in the suspended initial proceedings are without merit.
On the XETRA in Germany, Porsche Automobil shares were gaining around 2.49%, trading at 25.95 euros.
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