The ramifications of the US Supreme Court’s ruling last week in the National Australia Bank case are beginning to appear in other cases. On Friday, Vivendi hailed the ruling, stating that it was was “totally in line with the position defended all along by the group in the American and French courts.” Vivendi is trying to exclude French shareholders from a U.S.-based class action lawsuit against it on whether it misled investors about its financial health.
Also on Friday, the FT reported that the NAB case may jeopardize a hedge fund lawsuit brought in the US against Porsche claiming more than $2 billion in damages. FT reports that 35 funds are accusing Porsche and its former executives of market manipulation and fraud during their four-year takeover attempt of VW.
“The NAB case smelt of Australia, we question whether the Porsche case smelt of Germany,” said Arndt Ellinghorst, head of automotive research at Credit Suisse.