Porsche rebuffs new US lawsuit

PORSCHE has brushed off a new lawsuit filed against the German sports car maker by hedge funds in the US.

Several New York hedge funds, including some that failed in a similar suit against Porsche last year, have filed a new lawsuit accusing the carmaker of causing more than $1bn (£624m) of losses by cornering the market in shares of Volkswagen.

“Porsche SE considers the complaint to be inadmissible and unsubstantiated,” a spokesman for the automotive holding said yesterday.

Plaintiffs in the case include Glenhill Capital and Glenview.