Tuesday, 28 October 2014 - 13:20
Judge denies Spyker's $3b claim against GM
The 6th Circuit Cour of Appeals in Cincinnati decided to uphold the dismissal of a 3 billion dollar lawsuit in which Spyker NV accused General Motors Co (GM) of derailing a plan to sell the Swedish automaker SAAB to a Chinese company. The court ruled on Friday that Spyker had failed to prove that GM intentionally interfered with their efforts to sell SAAB to Zhejiang Youngman Lotus Automobile Co, leading to SAAB's bankruptcy. Spyker bought SAAB from GM in 2010. As part of the sale, GM licensed SAAB to build vehicles using their intellectual property and retained the right to end the licence if SAAB was sold without their consent. According to Spyker, a spokesperson of GM made comments indicating that they would not give consent and that a sale might hurt GM while Spyker and Youngman were in sale talks in December 2011. Youngman decided to withdraw because of GM's position. Circuit Judge Eugene Siler ruled that GM's statements were not malicious. According to the judge it had "legitimate business concerns" about the sale. Friday's decision upheld the ruling made in June 2013.