William Maley
Staff Writer - CheersandGears.com
June 12, 2013
A U.S. District court judge has dismissed the $3 billion lawsuit filed by Spyker on behalf of Saab against General Motors last August. The suit alleged GM blocked the sale of Saab's assets to Zhejiang Youngman Lotus Automobile Co and eliminate a potential rival in the growing Chinese market.
"General Motors had a contractual right to approve or disapprove the proposed transaction. The court is going to grant the motion to dismiss the matter," said U.S. District Court Judge Gershwin Drain during a hearing in Detroit.
Judge Drain said GM acted legally in order to protect its intellectual property and that it did not stop the deal to intentionally drive Saab into bankruptcy.
"We are pleased with the court's decision to dismiss the case, which we believe was the appropriate result," said GM spokesman Dave Roman to Reuters.
Spyker CEO Victor Muller who was at the hearing declined to comment on whether or not they would file an appeal.
"We will be awaiting the written order and then we will assess," Muller said.
Source: Reuters
William Maley is a staff writer for Cheers & Gears. He can be reached at [email protected] or you can follow him on twitter at @realmudmonster.
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