In a decision today, the Braunschweig district court (Landgericht) has transferred two cases* brought by hedge funds investors against Porsche to the Hannover district court. The claimants are pursuing damages claims against Porsche related to Porsche’s attempt to take over Volkswagen.
We have mapped the claimants’ jurisdictional journey, involving courts in New York, Stuttgart, Hannover and Braunschweig, here before. Today’s court orders are based on the fact that claimants rely on anti-trust theories as the basis of their claims. They allege that Porsche had exploited a dominant market position that it had created in Volkswagen stock.
Under the rules applicable in the State of Lower Saxony (Niedersachsen)*, the Hannover district court has exclusive jurisdiction to hear cartel and antitrust cases. The Braunschweig court order to transfer the cases (Verweisungsbeschluss) cannot be challenged (unanfechtbar). So at least these cases have found a permanent home at the Hannover court house.
* The cases are 5 O 2077/11 (action against Porsche Automobil Holding S.E. and Volkswagen AG for payment of EUR 1,797,770,245.05) and 5 O 3086/11 (Action against Porsche Automobil Holding S.E. for payment of EUR 351,062,690.22) ...Zum vollständigen Artikel