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$1.4B hedge fund suit against Porsche dismissed

Investors have canvassed courts in Europe and the US to repeatedly sue Porsche over its failed attempt to take over Volkswagen in 2008 (see here, and here and here), and they have repeatedly failed to win any cases. You can add another big loss to the tally, with Bloomberg reporting that the Stuttgart Regional Court has dismissed a 1.4-billion euro ($1.95B US) lawsuit, the decision explained by the court's assertion that the investors would have lost on their short bets even if Porsche hadn't misled them.
Examining the hedge funds' motives for stock purchases and the bets that VW share prices would fall, judge Carola Wittig said that the funds didn't base their decisions on the key bits of "misinformation," and instead were participating simply in "highly speculative and naked short selling," only to get caught out.
With other cases still pending, the continued streak of victories bodes well for Porsche's courtroom fortunes, since judges will expect new information to consider overturning precedent. If there is any new info, it could come from the potential criminal cases still outstanding against former CEO Wendelin Wiedeking and CFO Holger Härter, who were both indicted on charges of market manipulation.

Former Porsche boss Wiedeking won't face criminal charges over VW bid

Hedge fund managers have been suing Porsche for years now, alleging that the car company lied about its intentions during its failed attempt to take over Volkswagen, a gambit that caused them billion in losses. Over the same period, authorities in Stuttgart built a criminal case against former CEO Wendelin Wiedeking (above, left) and Chief Financial Officer Holger Härter (right), filing charges in December 2012. When those fund plaintiffs lost their most recent court case, one of the dimming lights in the dark and receding tunnel was that the criminal investigation might unearth more evidence about Porsche's actions that could help the plaintiffs in pending litigation.
Bloomberg reports that another light has gone out, though, with a Stuttgart court dismissing the market manipulation case before going to trial because, as a court spokesperson said, "there wasn't enough evidence backing up the charges." When prosecutors get the files back from the court, they have a week to decide to refile, but unless they've been sandbagging evidence that could bolster the case, the only lights at the end of the tunnel will be those welcoming Wiedeking and Härter back to the world of legally unencumbered men.

Playboy reveals its 2013 Cars of the Year

Vaunted men's magazine Playboy knows that its readers are nearly as interested in cars as they are in the female anatomy... sorry, we thought we could write that with a straight face. Anyway, the buff-book does occasionally fill some of its spreads with sexy metal, to accent all the rest of the sexiness.
To wit, the magazine has unveiled its feature on the 2013 Cars of the Year. Without giving us much in the way of criteria for the awards, nor a clear framing of the categories ("Responsible Ride" is a particularly challenging concept, especially when you consider that the Mazdaspeed3 was the winner), Playboy has nevertheless highlighted what we assume to be it's favorite 12 or 13 (depending on how you count) cars from the 2013 model year.
Headlining the class is the Porsche 911, which Playboy writers single out for having "remarkable electronic voodoo." BMW M5 is named "Slickest Sports Sedan" though the Cadillac ATS then follows on because "we couldn't resist giving the new Caddy a shout-out." The rest of the picks are pretty conventional (save, perhaps, the Honda Fit EV as "Ace Electric"), even if the categories and methodology are fairly wonky. Cruise through or gallery for a taste or check out the full list, here. The site is safe for work, and you can legitimately (this time) say that you were reading it for the articles.