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Porsche again staring down another $1.8B in hedge fund lawsuits

The sequence of events from 2007 that began with Porsche's secret attempt to take over Volkswagen, and instead lead to Porsche being taken over by VW, continues to instigate lawsuits against the Stuttgart sports car manufacturer. A group of hedge funds that suffered over $1 billion in losses sued the car company in New York. Porsche had publicly stated it wasn't trying to buy VW, the hedge funds in question were shorting VW stock, and when Porsche's actual intentions were revealed, the stock shot up and the hedge funds took a beating.
The case was thrown out over the issue of jurisdiction, then appealed, only to see another suit filed on top of that. After that, most of the hedge funds withdrew their claims in New York and Porsche offered a 90-day window to refile in Germany where it is already fighting a number of other suits over the same issue. The hedge funds accepted the offer, refiling in Stuttgart for $1.8 billion in damages. According to Bloomberg, Porsche hasn't commented on the refiling, but as the same plaintiffs are involved, it's safe to assume that the carmaker still feels the case is "unsubstantiated and without merit." It has fared alright so far even in German courts, with two lesser cases against it thrown out last year.

Volkswagen lays off 500 Chattanooga workers

The redesigned Volkswagen Passat has been a decent seller since its debut in 2011, but sales have apparently dropped off enough that the automaker is trimming some of the employees from its Chattanooga, TN assembly plant. According to Automotive News, Volkswagen will be cutting shifts and laying off 500 contracted workers in response to slowing sales.
Currently, the plant has three teams running 10-hour shifts Monday through Saturday, but starting May 13, this will be reduced down to two teams running 10-hour shifts Monday through Thursday. This will be done to reduce dealer inventory (the article says that VW dealers, on average, have a 97-day supply of Passats) and production capacity (currently running at an annual pace of 170,000 units, which is more than the 150,000 annual units the plant was planned to produce).
This, of course, isn't saying that the Passat has been a failure since VW added 200 full-time employees to the plant in February 2012 to keep up with increased demand. The AN article says that automakers frequently overstaff plants during the launch of a new product - or in this case, a new product and a new plant - but eventually reduce the workers as things run smoother and more efficiently.

Are more diesel scandals about to erupt?

More automakers may soon be embroiled, like Volkswagen, in diesel emissions scandals. According to the Daily Kanban, either the International Council on Clean Transportation (ICCT) or the Deutsche Umwelthilfe (DUH) will soon announce from 10 to 15 more cases of automakers cheating national diesel emissions rules. The outlet says three of the incidents are attributed to Opel. Studies conducted by the DUH, the University of Applied Sciences in Bern, Switzerland, and the UK's Leeds University found that Opel's diesel Zafira, Corsa, and Vectra models emit more NOx than European regulations allow when tested in ways that go beyond the European testing protocol, such as when done on a four-wheel rolling road instead of a two-wheel rolling road. Opel said the accusations had no merit. Specifically on the Zafira, the DUH asked Opel about the emissions findings, and Opel said that no General Motors software contains any measures to enable cheating. Opel then tested a Zafira of its own "both on a two- and a four-wheel roller dynamometer," finding that "The emission behavior determined in each case does not differ from one another." That makes this a case of he-said-she-said for the moment. The Daily Kanban's sources say the cheating methods "range from the crude to the highly sophisticated," with those at the latter end complex enough to render Volkswagen's methods "pedestrian." As for any automakers who might be named, the matter of real-world emissions exceeding a legal limit doesn't mean a carmaker has designed systems that cheat, it might mean the company designed the car to pass a test. Related Video: News Source: Daily KanbanImage Credit: PATRICK PLEUL/AFP/Getty Images Government/Legal Green Volkswagen Opel Emissions Diesel Vehicles vw diesel scandal icct