Bob Giuffra Quoted in The American Lawyer Article on Recent Developments in Porsche Case

January 2, 2012

On January 2, Mr. Giuffra was quoted in an article in The American Lawyer titled, “One Year After Defeat on Morrison Grounds, Hedge Funds Strike at Porsche in Germany,” which highlighted recent developments in securities litigation brought by more than 30 hedge funds against S&C client Porsche Automobil Holding SE. The article detailed how, in the wake of a U.S. federal court's dismissal of the plaintiffs' multibillion dollar claims – “a huge blow” to the hedge funds, according to Am Law – some of the same plaintiffs have appealed the court's ruling to the Second Circuit and, most recently, filed similar claims in court in Stuttgart, Germany. Commenting on these developments, Mr. Giuffra pointed out that the plaintiffs' decision to proceed in German courts supports Porsche's separate argument for dismissal of the U.S. litigation on the ground of forum non conveniens, principally because “[t]he fact that U.S. litigants are availing themselves of the German court system shows they do not belong in U.S. courts.”