Porsche 2011 Annual Report Download - page 205

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In December 2011, a total of seven plaintiffs filed a complaint against Porsche SE at the Stuttgart
Regional Court and asserted claims for damages against the company in the total amount of some €2 billion,
based on allegations of market manipulation and inaccurate information in connection with the acquisition of a
shareholding in Volkswagen AG in 2008. Six of the plaintiffs are hedge funds that have filed claims against
Porsche SE before a US federal court which were dismissed in first instance. Porsche SE considers the alleged
claims to be without merit and will defend itself against them.
In addition, an investor filed an action against Porsche SE at the Regional Court of Braunschweig in
December 2011 and asserted claims for damages against the company in the total amount of some €1.5
million, based on allegations of market manipulation in connection with the acquisition of a shareholding in
Volkswagen AG in 2008. Porsche SE considers the alleged claims to be without merit and will defend itself
against them.
A total of four reminder notices were served on the company in December 2011 and January 2012,
asserting alleged claims for damages based on allegations of market manipulation and of inaccurate
information or the omission of information, for a total of approximately €31 million. Porsche SE considers the
alleged claims to be without merit and has filed an objection against the reminder notices.
In 2010, the appointment of a special auditor was applied for before the Regional Court of Stuttgart.
The application related to the examination of the management activities of the company’s executive board and
supervisory board in connection with hedging transactions relating to shares in Volkswagen AG that were aimed
at creating the conditions to enable the company to purchase Volkswagen AG shares at economically secured
conditions, if it later decided to purchase them, as well as payment agreements with, and severance payments
to, former members of Porsche SE’s executive board. All the applicants withdrew their applications in May
2011, thereby ending the proceedings.
The company believes that adequate provisions have been recognized for the anticipated attorneys’
fees and litigation expenses arising from the above cases.
[23] Other financial obligations
As of the reporting date, other financial obligations break down as follows:
Sundry other financial obligations result from warranties. In the prior year, there were also sundry other
financial obligations from trust relationships.
Payable Total
€ million 1 year in 1 to 5 years > 5 years
31/12/2011
Sundry other financial obligations 1 3 0 4
31/12/2010
Sundry other financial obligations 1 4 0 5
205
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