Porsche’s legal troubles aren’t over yet. A group of hedge funds appealed the dismissal of their $2 billion lawsuit against Porsche. The lawsuit had been thrown out by U.S. District Judge Harold Baer on December 31 for lack of jurisdiction.
The lawsuit had run afoul of an U.S. Supreme Court decision in Morrison v. National Australia Bank. America’s highest court had decided that U.S. courts are the wrong venue to complain about alleged securities fraud perpetrated in another country.
The plaintiffs had 30 days to make up their minds and filed notices of their appeal at the last minute in Manhattan federal court late on Friday, Reuters reports.
A few days ago, Volkswagen CFO Hans Dieter Poetsch saw a “high probability that the merger will be completed with Porsche, but we still have to remove some hurdles out of the way.”
He had already factored in the appeal. Asked if he expects the hedge funds to appeal the ruling, Poetsch answered “I think so, yes.”