2002 Porsche 911 Turbo Coupe 2-door 3.6l on 2040-cars

Auto blog

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.

What driving data is Android Auto collecting from us?

In-car solutions like Apple CarPlay and Android Auto make using your smartphone while driving increasingly easy, by replicating most of the gadget's functions on a vehicle's infotainment screen. In fact, they rank among the favorite automotive features available today by Autoblog editors. While there's certainly added convenience, Motor Trend claims Google is collecting a huge array of data during trips, as well. Although, that might not actually be the case. In a rundown of the upgrades for the newly refreshed Porsche 911, Motor Trend asserts that the iconic coupe doesn't have Android Auto because of alleged privacy concerns. Reportedly, Porsche elected to only include CarPlay because the Google tech collected info on a vehicle's speed and other data. The German company didn't want to share all of that vital info with another corporation. Google opposes the allegations, though. "We take privacy very seriously and do not collect the data the Motor Trend article claims such as throttle position, oil temp and coolant temp," the company said in a portion of a statement to TechCrunch. Android Auto does use a vehicle's GPS system for location info, and checks whether it's in Park or Drive to enable some features. Also, users must opt-in to sharing the first time that they connect their phone. There might be an explanation for this confusion, according to TechCrunch. Allegedly before Android Auto launched, Google did want more vehicle data, but the company eventually changed course. Porsche may have based its decision on this earlier version. This case just shines a light on the growing question of automotive privacy and Google's potential role. The government has been unhappy with how automakers have handled this responsibility, so far, though.

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