Porsche Automobil Holding SE announced that a German court has dismissed appeals from hedge funds seeking damages of around 5.4 billion euros ($6.12 billion) plus interest related to the company's failed 2008 takeover bid for Volkswagen. Around 40 plaintiffs, mostly U.S. hedge funds, had claimed that Porsche SE manipulated capital markets by not accurately disclosing its true intentions during the gradual build-up of its stake in Volkswagen. The German Federal Court dismissed the plaintiffs' appeal against an earlier ruling by the Higher Regional Court of Celle that had rejected their claims.

The decision is final and establishes that the plaintiffs have no claim to damages, Porsche SE said.