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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.

Watch 14 hot rides take over concept car lawn at Pebble Beach

The Pebble Beach Concours d'Elegance is an annual celebration of the beautiful, old cars that grace Monterey Car Week. But Monterey – and Pebble – features lots of newer metal, too, and that includes the concept lawn at Pebble Beach. Now, "concept lawn" isn't a totally accurate name anymore, and you'll see why in the list below. This year especially, plenty of production cars can be found in the area once reserved for the conceptual. Still, we're happy to see them. Here's what's featured this year: Alfa Romeo 4C Spider Audi R8 BAC Mono Bentley EXP 10 Speed 6 BMW 3.0 CSL Hommage R Buick Avenir Galpin-Fisker Rocket Speedster Hyundai HCD-16 Vision G Coupe Icona Volcano Infiniti Q60 Lamborghini Asterion LPI 910-4 Maserati Ghibli McLaren 570S Rolls-Royce Wraith By our count, that's seven concepts out of fourteen cars. But it still makes for one hot group of metal. Check 'em out in the gallery above. Related Video: Related Gallery 2015 Pebble Beach Concept Car Lawn View 38 Photos Image Credit: Copyright 2015 Drew Phillips / AOL Design/Style Alfa Romeo Audi Bentley Buick Infiniti Lamborghini Lincoln McLaren Porsche Concept Cars Videos Original Video Pebble Beach

Salvage team boards burnt ship Felicity Ace off Azores, towing begins

LISBON — More than a week after a ship packed with around 4,000 vehicles, including Porsches, Audis, Lamborghinis and Bentleys, caught fire in the middle of the Atlantic Ocean, a salvage team managed to board the vessel on Friday and started to tow it to a safe location off the Portuguese Azores archipelago. In a statement, ship manager Mitsui O.S.K. Lines Ltd (MOL) said the Felicity Ace remained stable, and the smoke that for days billowed from the vessel, adrift around 170 km southwest of the Azores, had stopped. The 22 crew members of the Panama-flagged Felicity Ace, which was carrying around 4,000 vehicles including Porsches, Audis and Bentleys from Germany to the United States, were evacuated last Wednesday, the day the fire broke out. Some of the vehicles are electric and their lithium-ion batteries have made the fire very difficult to extinguish, port officials have said. Previous attempts to board the ship to assess its condition and start preparing it for towing had failed due to the fire and rough seas. On Friday, the team was able to board by helicopter and the salvage boat Bear started towing the vessel to a "safe area off Azores," the ship manager said. It was not clear where exactly the vessel was being towed to. It was being escorted by two tug boats and another salvage craft equipped with firefighting gear, MOL said. Related video: Image Credit: Portuguese Navy (Marinha Portuguesa) via Reuters Green Weird Car News Audi Bentley Lamborghini Porsche Electric fire car fire shipping cargo ship