Hedge fund sues Ferdinand Piëch and Wolfgang Porsche, using what some say is NSA information

Ferdl and Wolferl

Ferdl and Wolferl

Elliott Associates, one of the world’s oldest, and definitively the world’s most aggressive hedge funds, brought suit against Volkswagen Chairman Ferdinand Piëch and his cousin Wolfgang Porsche. The suit alleges, as Der Spiegel reports, that both conspired in the takeover of Porsche by Volkswagen, and that they defrauded shareholders. The suit asks for punitive damages of €1.8 billion ($2.43 billion.) This is not the first lawsuit in that matter, there are pending lawsuits against Volkswagen and Porsche, asking for a total of €5.7 billion. This is the first suit against Piëch and Porsche in person. It marks a “new level of escalation,” as Der Spiegel says. Escalation also, because some say the NSA is an informant.
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