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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

Porsche GT division rules out AWD, SUVs

Any German automaker worth its lap times needs a performance division. Mercedes has AMG, BMW has the M division, Audi has Quattro GmbH with its S and RS models... even Volkswagen has its R line of hot hatches. And though Porsche is a performance automaker unto itself, even it has a performance division. It's called Porsche GT, and though it's been branching outside the 911 range lately, don't expect it to wander too far. According to Car and Driver, which spoke recently with Porsche GT boss Andreas Preuninger and R&D chief Wolfgang Hatz, there are limits to what the division will do. And while those limits may have been broadened to include technologies like turbocharging and dual-clutch transmissions, they won't stretch as far as all-wheel drive. Take a look at the previous-generation 997 and what separated the 911 GT2 from the 911 Turbo was principally its all-wheel-drive system. Porsche GT isn't planning on doing a GT2 this time around – the new GT3 RS occupying that territory on its own – but the next generation (whether it wears the number 2 or 3) will likely go turbo along with most of the rest of the 911 family. The exclusion of all-wheel drive from the Porsche GT parts bin also means that the division won't be taking on the company's SUVs like the Cayenne and Macan. So the Cayenne GTS will be as extreme as it gets, taking on the likes of the BMW X5 M, Mercedes GL63 and Audi SQ5 without the help of Zuffenhausen's racing department. We can't expect the PDK to stick around though, so to speak. Though the new Cayman GT4 packs a manual transmission, the 911 GT3 and GT3 RS have dual-clutch gearboxes. Moving forward, Preuninger says they'll leave it up to prospective customers to decide which type of transmission they'll build into their most extreme performance models.

Porsche calling in two Cayennes

We regularly see recalls addressing all manner of problems (or potential problems) affecting any number of vehicles: hundreds, thousands, even millions. Some are too small to bother reporting, but once in a while one comes along that's so ridiculously small that we couldn't pass it over. Like this latest one from Porsche. "Due to a manufacturing error," says the National Highway Traffic Safety Administration in the notice below, "the suspension alignment on the front and rear axles may not have been performed correctly and the screw connections of the camber, toe and caster may not have been tightened with the specified torque." The recall affects the 2015 Cayenne... but just how many of them, you ask? Two. Not two hundred, not two thousand, but two: one Cayenne Diesel and one Cayenne S, manufactured between November 26 and... November 27, 2014. That very well might make this the most methodically German recall in the history of recalls. If you happen to be the owner of one of those two vehicles, expect to hear from Porsche with instructions to bring your Cayenne in to have the suspension re-aligned and the screws tightened. RECALL Subject : Front and Rear Alignment may be Incorrect Report Receipt Date: DEC 29, 2014 NHTSA Campaign Number: 14V824000 Component(s): SUSPENSION Potential Number of Units Affected: 2 Manufacturer: Porsche Cars North America, Inc. SUMMARY: Porsche Cars North America, Inc. (Porsche) is recalling certain model year 2015 Cayenne Diesel and Cayenne S vehicles manufactured November 26, 2014, to November 27, 2014. Due to a manufacturing error, the suspension alignment on the front and rear axles may not have been performed correctly and the screw connections of the camber, toe and caster may not have been tightened with the specified torque. CONSEQUENCE: If the suspension alignment was incorrectly performed, vehicle handling could be reduced, increasing the risk of a crash. REMEDY: Porsche will notify owners, and dealers will perform a front and rear suspension alignment, and check the screw connections for the proper torque, retightening as necessary, free of charge. The manufacturer has not yet provided a notification date. Owners may contact Porsche customer service at 1-800-767-7243. Porsche's number for this recall is AF04. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.