Porsche gets multi-billion US lawsuit thrown out

German sportscar maker Porsche said Friday a US court has thrown out a lawsuit brought by US hedge funds claiming more than two billion dollars in damages over its failed 2008 attempt to acquire Volkswagen. The US District Court for the Southern District of New York granted Thursday Porsche's motion to dismiss the complaints in the Elliott Associates and Black Diamond actions in their entirety, Porsche said in a statement.
A total of 39 plaintiffs had accused Porsche of not coming clean about its intention in 2008 to acquire VW, Germany and Europe's biggest automaker, and of having manipulated the market.