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Porsche again staring down another $1.8B in hedge fund lawsuits

The sequence of events from 2007 that began with Porsche's secret attempt to take over Volkswagen, and instead lead to Porsche being taken over by VW, continues to instigate lawsuits against the Stuttgart sports car manufacturer. A group of hedge funds that suffered over $1 billion in losses sued the car company in New York. Porsche had publicly stated it wasn't trying to buy VW, the hedge funds in question were shorting VW stock, and when Porsche's actual intentions were revealed, the stock shot up and the hedge funds took a beating.
The case was thrown out over the issue of jurisdiction, then appealed, only to see another suit filed on top of that. After that, most of the hedge funds withdrew their claims in New York and Porsche offered a 90-day window to refile in Germany where it is already fighting a number of other suits over the same issue. The hedge funds accepted the offer, refiling in Stuttgart for $1.8 billion in damages. According to Bloomberg, Porsche hasn't commented on the refiling, but as the same plaintiffs are involved, it's safe to assume that the carmaker still feels the case is "unsubstantiated and without merit." It has fared alright so far even in German courts, with two lesser cases against it thrown out last year.

J.D. Power study identifies top seats for your tush

File under News your fanny can use: The seating systems in the Ford Escape and Edge, the Audi A3, Chevrolet Cruze, Kia Cadenza, Porsche Cayenne and Toyota Tundra received top marks in a new J.D. Power study on seating and seat belt quality and satisfaction. The J.D. Power 2017 Seat Quality and Satisfaction Study asked more than 77,000 new owners and lessees of 2017 model-year cars and light trucks to rate their vehicle's seats and seat belts within the first 90 days of taking ownership. The survey is broken up into seven vehicle segments and scored on total seat problems per 100 within each segment, with awards presented to the seating system supplier. Canadian auto supplier Magna won three of seven first-place awards for its seating systems in the A3, Escape and Edge. Ireland-based Adient got top marks for its seats in the Cadenza and Cayenne. Lear Corp. won for the Cruze, and Avanzar Interior Technologies scored highest for seats in the Tundra. J.D. Power says its study is intended for automakers and suppliers with quality and satisfaction information to be used in developing and marketing seating systems. "But the results are just as interesting to a consumer audience," the company says. "After all, some drivers spend a considerable amount of time behind the wheel, and it's helpful to know which vehicles offer the most comfortable seats for those long commutes." Ain't that the truth. Ford was the only automaker whose seat systems, both manufactured by Magna, received top honors in two segments: the Escape for mass-market compact SUV and the Edge for mass-market midsize/large SUV. J.D. Power says it used 22 attributes to measure seat quality, three measures of seat belt quality and 12 to measure satisfaction. Awards were presented to the seating suppliers. Related Video: Image Credit: Audi Auto News Design/Style Audi Chevrolet Ford Kia Porsche Toyota Safety JD Power seats

Pick up your Porsche in Atlanta, get free track time

Want to pick up a new Porsche from the factory? That's an option, but you have to fly out to Germany and then have your car shipped back Stateside. If that sounds like too much globetrotting, Porsche Cars North America is now offering the next best thing at its new US headquarters. It even includes some extras you don't get with factory delivery. The company's New Vehicle Delivery program allows customers to order a new Porsche at their local dealership and then pick it up at the Porsche Experience Center at One Porsche Drive in Atlanta. After touring the facility, customers get acquainted with their new cars with help from an expert then lap the on-site test track for an hour and a half and grab lunch at the company's gourmet Restaurant 356. The best part is, unlike the many options Porsche offers, PEC delivery adds nothing to the price of the car. You will, of course, have to cover the gas to get back to wherever you and your car live. Porsche has already kicked off the program. The first participant, Tracy Blumenthal, came out from California to pick up her new Cayenne S E-Hybrid. As a special bonus for being the first customer, former Le Mans class winner David Donohue took her for a ride in the 918 Spyder. Sounds like a pretty good day, if you ask us, especially when you get to go home with a new Porsche at the end. Related Video: Porsche Launches New Vehicle Delivery Program at Experience Center in Atlanta April 25, 2016 Atlanta, Georgia. Porsche Cars North America has launched its New Vehicle Delivery program at the Porsche Experience Center (PEC) in Atlanta. The program enables customers to place a factory order for a new vehicle through any authorized Porsche dealer in the U.S. and take delivery directly from the experiential destination, located at One Porsche Drive in Atlanta. California forensic accountant and attorney Tracy Blumenthal was the first official customer to participate in the program today when she picked up her new Cayenne S E-Hybrid sport utility vehicle. "We are thrilled to launch the New Vehicle Delivery program as another premium offering at our Porsche Experience Center in Atlanta," said Andre Oosthuizen, Vice President, Marketing, for Porsche Cars North America.