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German judge 'inclined to dismiss' hedge fund lawsuit against Porsche

Last year, around two dozen investors, including hedge funds, leveled a 1.4 billion euro ($1.95 billion at the time) lawsuit against Porsche in connection with the automaker's attempted takeover of Volkswagen in 2008. The Stuttgart Regional Court dismissed the case. Around 19 of those plaintiffs are heading back to court to appeal the ruling and still hope to get 1.2 billion euros ($1.4 billion). However, according to one German judge, the chances for success aren't any better this time around. "On balance it's our view that we consider the lawsuit, or the appeal, to be unpromising for several reasons," Gerhard Ruf, a judge in Stuttgart, said to Reuters. "We are inclined to dismiss the case." The court's ruling on the appeal will be announced on March 26. The investors' case hinges on Porsche's strategy surrounding the botched takeover. The sports car maker said that it wasn't trying to control VW, when in fact it was. These hedge funds had bet against Volkswagen stock, but the share price surged when Porsche's plan inevitably came to light. Investors have sued the sports car company multiple times since then in attempts to recoup billions of dollars. However, none of the lawsuits have been successful, whether attempted in the US or Germany. Former Porsche CEO Wendelin Wiedeking and and CFO Holger Haerter might still stand trial for the alleged stock manipulation, though. News Source: ReutersImage Credit: Matthias Rietschel / AP Photo Government/Legal Porsche Volkswagen lawsuit hedge funds porsche lawsuit

Porsche updates 919 Hybrid racer for 2015 season

Porsche's grand return to the elite level of global endurance racing showed mixed success in its first year. The company did score one victory in the 2014 FIA World Endurance Championship season during the race in Brazil but finished in third place overall among the three factory manufacturers. Porsche is hoping for a few more wins in 2015 and is releasing its first shots of the updated car to achieve those triumphs when things kick off in April. The team's racer is still called the 919 Hybrid, but Porsche promises this second-generation version is a "comprehensive evolution" compared to last year. The most obvious change is the redesigned front end where the styling now features a simple horizontal intake running across the front (compare to 2014, below). The nose area also now flares out to the windshield. The side grows a more complicated look, though, with a series of fins just behind the driver compartment. Porsche isn't divulging many details about anything different under the skin. The 2015 919 is still propelled by a 2.0-liter turbocharged V4, and an electric motor powers the front wheels. There are also two energy recovery systems. In addition to the previous challengers from Audi and Toyota, Porsche has one more competitor in the factory ranks this season. The Nissan GT-R LM Nismo is rumored to be a radical departure from the rest of the field with an engine possibly located in front of the driver. Read the German brand's very brief release about the updated 919 Hybrid below and click through the gallery to see how it looks. Track debut for 2015 Porsche 919 Hybrid Stuttgart. Extensive testing with the second generation of Porsche's Le Mans prototype will begin on January 18, on Abu Dhabi's Yas Marina Circuit. As scheduled, this marks the start of the 2015 motorsport season for the Porsche Team. The new Porsche 919 Hybrid has already had its roll-out on the Weissach test track. As a next step, there will be several performance and endurance tests before the WEC season opener on April 12 in Silverstone, Great Britain. The new Porsche 919 Hybrid is a comprehensive evolution of the successful car that made its debut in 2014. It will feature the same innovative drivetrain concept consisting of a 2-litre V4 turbocharged petrol engine, an electric motor powering the front wheels, and two energy recovery systems. The new generation car had its first roll-out on December 15, 2014.

Ring Taxi BMW M3 chases an Aventador SV and Cayman GT4

On paper, a BMW M3 that's loaded with three passengers probably shouldn't have a chance at keeping up around a track with a Porsche Cayman GT4 and a Lamborghini Aventador LP 750-4 Superveloce. In the real world, driver skill and track knowledge can make all the difference, though. And when the M3 is a Nurburgring Taxi with a driver that knows the course incredibly well, we end up getting a fantastic lap like this one. The 'Ring Taxi driver starts by teasing his passengers that they'll see whether the Lambo is fast. Before the two of them get on track, the GT4 cuts in to join the party. What follows is a fascinating lap of the Nordschleife. It's impressive how the BMW driver's skill allows him to keep up with the two other cars and blow past tons of other traffic. During faster sections, the Porsche and Aventador start to pull away, but as soon as the course gets curvy again, the M3 is right back in the action. As the group pulls back into the parking lot, even the Ring Taxi driver sounds impressed with his performance. See the impressive show in the video above. Related Video: