Porsche Automobil Holding SE’s supervisory board members and cousins Ferdinand Piech and Wolfgang Porsche are being sued by seven hedge funds that are seeking 1.8 billion euros ($2.4 billion) in compensation over damages they claim to have suffered as a result of the Porsche holding group’s failed 2008 attempt to purchase the Volkswagen Group.
After a court in Braunschweig, Germany, dismissed two investor lawsuits against Porsche SE, it didn’t take the third one either. Instead, it delegated a lawsuit that seeks $2.7 billion in damages to a Hanover-based court that specializes in cartel matters, Reuters says. Finally, a decision after a hedge fund’s heart. (Read More…)
When Spyker sued GM for mucking with Saab’s failed deal with Youngman, and wanted $3 billion for its trouble, TTAC’s resident garage lawyers did not give Spyker big odds.
Yesterday, the suit was thrown out. (Read More…)
Well, we knew this one was inevitable. A compliant filed in Ohio court against Hyundai and Kia due to their overly optimistic fuel economy claims.
A couple of weeks ago the Wall Street Journal published an article about a “little-noticed” lawsuit in U.S. Bankruptcy Court filed by a trust representing “old” GM’s unsecured creditors. Those creditors are challenging a 2009 deal between GM Canada and a group of hedge funds that helped keep GM’s Canadian subsidiary out of its own bankrupcy. It’s a bit surprising to me that the WSJ article itself got very little notice in the automotive world because, if successful, the lawsuit could undo at least part of GM’s restructuring or result in a $1.3 billion price tag for the automaker. In regulatory filings GM has said its possible exposure will be less than that, $918 million, though in theory the bankruptcy court could reopen the entire bankruptcy, which would be much more disruptive to GM than just paying out a billion dollars.
The Audi “Unintended Acceleration” debacle of 1986, which whacked American Audi sales by about 75% within a few years, makes the 1982-86 Audi 5000 an historically significant Junkyard Find. The 60 Minutes piece about the 5000′s allegedly malevolent behavior turned the car’s image from masterpiece of aerodynamic science to bloody-clawed multiple murderer, with predictable effects on resale value for existing cars. This means that the 5000 of the Unintended Acceleration era that managed to stay on the good side of The Crusher until 2012 is a survivor of astonishing tenacity. (Read More…)
That was the first comment from the acolytes of the recently a bit depressed fansite Saabsunited, when it was announced that Victor Muller’s Spyker sued GM for $3 billion over Saab’s bankruptcy.
A gentleman named Louis Bird is suing Hyundai because his 2011 Elantra isn’t getting the claimed 40 mpg that Hyundai’s ads apparently tout. Bird is being supported by a group called Consumer Watchdog, and if that rings a bell, maybe it’s because TTAC has dealt with them a few times in the past regarding Hyundai.
For decades, I’ve been seeing Ford-family vehicles with ugly, pointless warning labels stuck to their instrument panels: Unexpected and possibly sudden vehicle movement may occur if these precautions are not taken. I’d always assumed that these were ex-rental cars, but after I mentioned the warning stickers in this week’s ’75 Ford Maverick Junkyard Find post, several readers pointed out that the stickers were the result of Malaise Era litigation. Of course! (Read More…)
Hello, can you tell me what ever happened with the Porsche IMS concern? At 18K miles, an IMS bearing failure has caused a catastrophic engine failure in my Porsche 911. My Porsche dealer (who has done all of the Porsche recommended service on the car since new) just told me that there is nothing that they or Porsche can or will do, and that it is an isolated incident. I have since been doing research online, and I find out that an IMS bearing failure is not at all a rare occurrence.
I am not a litigious person and I am not out to tarnish the Porsche name. But with a repair cost of $19k, I cannot afford to get my car fixed. I am looking to get Porsche to step up and address what would appear to be a bearing design defect.
Ford’s Sync doesn’t get a break. It attracted undue attention from LaHood’s distracted driving crusade. Consumer Reports had issues with the system. Sync sank Ford in the 2011 J.D. Power Initial Quality Survey. Can it get any worse?
Yes, it can. Ford is being sued for patent infringement. (Read More…)
Volkswagen was all grins when litigating hedgies lost the first round in court in the U.S. (it’s on appeal) and when the public prosecutor in Stuttgart dropped some of the investigation into former Porsche CEO Wendelin Wiedeking and former CFO Holger Härter (only to add new angles.) Until the matters are cleared, Volkswagen and Porsche officially are not married, unofficially, they share all available beds.
Now, a new lawsuit causes frozen faces and acid reflux at the very top of Volkswagen: German investment funds intend to involve prominent supervisory board members of Volkswagen AG in a billion dollar court case. (Read More…)
Compared to smothering hugs, ample booze and possibly a little deniable blackmail, suing a media outlet rarely is the best way to perform the skillful art of public relations. This is what Tesla is finding out right now.
Most likely after throwing words of caution by its own PR folk to the wind, Tesla decided to bring a defamation suit against the BBC’s Top Gear. According to Tesla’s own blog, Top Gear perpetrated “serious and damaging lies,” such as claiming that “the Roadster’s true range is only 55 miles per charge. “ Of course, writes Tesla’s Communication VP Ricardo Reyes in the blog, Tesla is “not doing this for money. As the world leader in EV technology, Tesla owes it to the public to stop Top Gear’s disinformation campaign and provide the truth. “ (Read More…)