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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

VW stock delisted from Dow Jones Sustainability Index

Because of the company's years-long diesel emissions evasions, Volkswagen AG is being removed from the Dow Jones Sustainability Indices effective October 6, according to a joint statement by S&P Dow Jones Indices LLC and RobecoSAM. After looking at reports of the automaker's cheating software, the DJSI has decided that the company shouldn't be part of the index anymore. According to The Detroit News, the DJSI is meant to track the top 10 percent of companies that are considered leaders environmentally and socially in each industry among the 2,500 largest companies in the S&P Global Broad Market Index. This de-listing means that VW is no longer considered an industry leader by this group for its economic, environmental and social performance. As of this writing, VW AG's stock price sits at 97.75 euros ($109.14), and the figure has been largely in freefall since the emissions evasions reports first surfaced. It was considered shocking on September 21 when the shares plunged almost 18 percent to end the day at 132.15 euros ($147.57). According to The Detroit News, the automaker has lost about $30.8 billion in value since the EPA put out its notice of violation on September 18. Related Video:   Volkswagen AG to be Removed from the Dow Jones Sustainability Indices New York and Zurich, September 29, 2015 Effective October 6, 2015, Volkswagen AG (VW) will be removed from the Dow Jones Sustainability Indices (DJSI). A review of VW's standing in the DJSI was prompted by the recent revelations of manipulated emissions tests. Per the published and publicly available methodology for the DJSI, potential problematic issues relating to any DJSI component company automatically trigger a Media & Stakeholder Analysis (MSA), which examines the extent of the respective company's involvement and how it manages the issue. Following the MSA, the Dow Jones Sustainability Index Committee (DJSIC) reviews the issue and decides whether the company will remain in the index, based on DJSI Guidelines. In VW's case, the DJSIC reviewed the situation and ultimately decided to remove the Company from the DJSI World, the DJSI Europe, and all other DJSI indices. The stock will be removed after the close of trading in Frankfurt on October 5, 2015, thus making the removal effective on October 6, 2015. As a result, VW will no longer be identified as an Industry Group Leader in the "Automobiles & Components" industry group.

Volkswagen Scirocco GTS set for Shanghai reveal

Though we still can't get one over here, buyers in other markets can get the Scirocco in an array of trim levels. And at the Shanghai Motor Show this month, Volkswagen is introducing another. The new Scirocco GTS slots between the base models and the R performance version. Reviving the spirit of the original introduced more than 30 years ago and picking up where the last model left off, the new GTS splits the Scirocco lineup the way the GTI fits into the Golf range. It even packs the GTI's engine: a 2.0-liter turbo four with 210 hp, mated to either a six-speed manual or DSG. The GTS also packs standard 18-inch (or optional 19-inch wheels), a further departure from the R-Line aero kit and racing stripes running up the top. The interior is similarly upgraded with special trim, a golf-ball shifter (on manual versions) and more. All of this makes the Scirocco an even more tempting proposition – if only we could get our hands on one. Wolfsburg/Shanghai, 16 April 2015 Comeback of a GT icon: World premiere of the 220 PS Scirocco GTS in Shanghai - Exclusive GTS trim with new 18-inch alloy wheels - Scirocco GTS* has a new generation of infotainment equipment on board as standard Ten key facts about the Scirocco GTS*: 1. The new Scirocco GTS makes its debut as a separate and especially sporty GT version 2. 220 PS Scirocco GTS has a top speed of 246 km/h and accelerates from 0 to 100 km/h in 6.5 seconds 3. Individualised exterior with new 18-inch alloy wheels and optional GTS decor (decor standard in China) 4. Red brake callipers as an identifying feature 5. Exclusive GTS interior with black trim features, red stitching and the legendary golf ball gear knob 6. Included as standard: the "Composition Colour", from the latest generation of infotainment systems 7. Modular infotainment matrix (MIB II) available for all Scirocco models from the end of May 8. The Scirocco GTS can also be ordered with an extremely quick-shifting 6-speed DSG gearbox as an option 9. The spirit of the first Scirocco GTS (which made its debut in 1982) was carried forward into the year 2015 in the new GTS 10. With over a million sold, the Scirocco is one of the most successful sports cars in the world Some cars live for ever because they are constantly reinvented. The Scirocco, a pure-bred European sports car, is one of these cars that is forever young. Presented at the Geneva Motor Show in March 41 years ago, it became an icon of compact German coupes.