In a continuation of the Porsche-Volkswagen takeover/stock controversy, 18 hedge funds added their names to a list of people taking Porsche to court in a $2 Billion lawsuit here in the States.
Porsche, Wendelin Wiedeking (former CEO), and Holger Härter (former CFO) are said to have committed fraud and "manipulated the market" over a four-year period in order to keep the company out of bankruptcy.
The alleged shady dealings were "an attempt to recoup large losses suffered by [Porsche, Wiedeking, and Härter] after a VW share price surge in 2008 triggered by Porsche's takeover attempt on Europe's largest carmaker."
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