BRAUNSCHWEIG, Germany, April 17 A German court
on Wednesday deferred until October investor lawsuits seeking
2.15 billion euros ($2.8 billion) in damages from Porsche SE
Presiding judge Stefan Puhle said the lawsuits due to be
heard at the court in the northern German city of Braunschweig
on Wednesday will be postponed until Oct. 30 after the lawyer
for the plaintiffs fell ill.
Puhle also said that the Braunschweig court will decide on
June 19 whether a third case seeking 2 billion euros in damages
will be assigned to a court specialising on cartel matters.
Some German and U.S. investors say that throughout 2008
Porsche's holding company camouflaged its plans to acquire
much-bigger Volkswagen (VW) and instead secretly
piled up its holding in Europe's largest automaker.
In March 2008 Porsche SE dismissed as "speculation" talk
that it intended to take over VW. Seven months later Porsche SE
said it controlled 42.6 percent of VW's common shares and held
options for another 31.5 percent of the stock it had not
Porsche's statement caused VW shares to surge to 1,005 euros
within days, briefly making the Wolfsburg-based carmaker the
world's most valuable company as short-sellers raced to buy back
stock they had borrowed to bet that VW shares would drop.