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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

German authorities investigate Winterkorn

Former Volkswagen CEO Martin Winterkorn is potentially walking away from the embattled automaker with a $32-million pension, but his retirement might not be quite so relaxed because German prosecutors in the city of Braunschweig (also called Brunswick) are now investigating his role in VW's diesel emissions evasion. The lawyers want to know whether he committed fraud, and a conviction could mean up to 10 years in prison, according to the Associated Press. However, this process is still in its earliest stages, and Winterkorn is long way from sitting in a courtroom. With other high-profile corporate cases in Germany as a guide, a trial could be years away. Lawyers haven't even questioned the former CEO, yet. In Germany, people are free to file criminal complaints, and prosecutors then decide whether a full investigation is necessary. According to the AP, Braunschweig has received about 12 grievances so far, including one from Volkswagen. The law in the country also doesn't allow charging businesses with wrongdoing, only people. Winterkorn resigned from his role at the top of VW last week, just a day after issuing a video apology for the automaker's actions. Former Porsche boss Matthias Muller has succeeded him. Along with having a new person in charge, the automaker's Supervisory Board instituted a thorough corporate reshuffle to put more focus on various regions and give brands additional power by early next year. Related Video:

The VW Sport Coupe GTE Concept promises exciting things for brand's future [w/video]

In recent years, it seems as though the Audi allotment of design talent from the Volkswagen Group has gotten braver, while the VW designers have become more conservative. One look at the current Volkswagen range reveals a lot of tidy sheet metal, but hardly any that rank as evocative or emotionally compelling. If the rhetoric around this Sport Coupe GTE Concept turns to action, however, VW's mass-marketed cars could become a lot more interesting to look at. Sharp creases and bold graphics can be found on just about every inch of the concept, and the large wheels at either extreme corner help to sell this as a "four-door coupe" more than most executions of that now hackneyed styling term. And, if you like what you see, then you might want to hold out for quickly approaching versions of this look on production models. Design head Walter de Silva says this language will be "shaping the immediate future" for VW product. Mechanically, the Coupe also previews more hybridization for the VW line. The concept has a plug-in hybrid powertrain, with a turbo 3.0-liter V6 driving the front wheels, and an electric motor sending yet more power to the rear. You can read up on the details in our official post from a few days ago, or just click through the pretty pictures in the gallery above. SPORT COUPE CONCEPT GTE MAKES WORLD DEBUT AT THE GENEVA AUTO SHOW Four-door coupe marks beginning of a new design era at Volkswagen Wolfsburg/Geneva, March 2015 -Volkswagen will debut the Sport Coupe Concept GTE at the 2015 Geneva International Motor Show, heralding a new and progressive Volkswagen design language. "Evolution and revolution come together in the Sport Coupe Concept GTE. This concept is based on Volkswagen design DNA, which has been visibly sharpened even more. It shows how the highest-volume brand of our Group is shaping the immediate future," says Walter de Silva, Head of Design of Volkswagen AG. Dr Heinz-Jakob Neusser, Volkswagen Brand Board Member for Development, elaborates: "This breathtakingly dynamic coupe is unlike any other to appear in this class. The design of the Sport Coupe Concept GTE is an impressive alternative to the classic sedans of the B and C segments-it has the style of a sport coupe that is enriched by the functionality of a large hatchback and the interior space of a sedan." Klaus Bischoff, Head of Design of the Volkswagen Brand, adds: "The Sport Coupe Concept GTE is another milestone of expressive design.