Porsche faces new $1 bln lawsuit by hedge funds

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Porsche financeReuters – Several prominent hedge funds, including Greenlight Capital LP and Tiger Global LP, have filed a new lawsuit accusing German automaker Porsche SE (PSHG_p.DE) of cornering the market in shares of Volkswagen AG (VOWG_p.DE), causing more than $1 billion of losses.

The lawsuit was filed Tuesday in New York State Supreme Court in Manhattan, after a federal judge also based in Manhattan had in December dismissed a similar lawsuit by various hedge funds, including some that sued on Tuesday. [ID:nN30119446]

That judge cited a June 2010 ruling by the U.S. Supreme Court that narrowed the ability of plaintiffs to use federal courts to pursue claims involving non-U.S. conduct.

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