Porsche loses bid to halt lawsuit

A New York state court has rejected a motion by Porsche SE to dismiss a $1.4bn-plus lawsuit brought by 26 hedge funds alleging fraud and unjust enrichment stemming from its trading in Volkswagen's shares four years ago. Porsche SE, a holding company whose carmaking business in now owned by Volkswagen, said it continued to believe the damage claims were without factual and legal merit, adding it would appeal against the decision.