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Automotive Industry
AUTOS: Spyker Sues GM Over Saab
Dutch supercar maker files $3 billion action against General Motors claiming that GM’s actions effectively finished off the Swedish automaker.
Spyker's suit against GM claims that the Detroit automaker worked against efforts to rescue Sssb. (Photo: Saab)
Spyker, the Dutch supercar firm and owner of Saab, hit General Motors with a $3 billion lawsuit Monday, claiming GM forced Saab into bankruptcy and interfered with a potential deal with Chinese investors that could have saved the company.
The lawsuit also says GM interference prevented an agreement with Chinese investor Zhejiang Youngman Lotus Automobile Co. Ltd., which would have allowed Saab to restructure. In court papers, Spyker said GM's motivation was to avoid competition with Saab in the Chinese market.
The Detroit automaker owned all or part of Saab from 1990 until 2010, before selling it to Spyker.
Spyker is suing on behalf of Saab, assuming legal costs in exchange for a significant proportion of any potential award. Saab went into bankruptcy in December 2011 and is now in receivership. .
In a statement, Spyker CEO Victor Muller said, “Ever since we were forced to file for Saab Automobile's bankruptcy in December of last year, we have worked relentlessly on the preparation for this lawsuit which seeks to compensate Spyker and Saab for the massive damages we have incurred as a result of GM's unlawful actions.
“We owe it to our stakeholders and ourselves that justice is done, and we will pursue this lawsuit with the same tenacity and perseverance that we had when we tirelessly worked to save Saab Automobile, until GM destroyed those efforts and deliberately drove Saab Automobile into bankruptcy.”
GM spokesman Dave Roman said, "We have reviewed the complaint, and it is completely without merit. We will vigorously defend the company against these baseless allegations."
This story originally appeared at AutoWeek.com.
The lawsuit also says GM interference prevented an agreement with Chinese investor Zhejiang Youngman Lotus Automobile Co. Ltd., which would have allowed Saab to restructure. In court papers, Spyker said GM's motivation was to avoid competition with Saab in the Chinese market.
The Detroit automaker owned all or part of Saab from 1990 until 2010, before selling it to Spyker.
Spyker is suing on behalf of Saab, assuming legal costs in exchange for a significant proportion of any potential award. Saab went into bankruptcy in December 2011 and is now in receivership. .
In a statement, Spyker CEO Victor Muller said, “Ever since we were forced to file for Saab Automobile's bankruptcy in December of last year, we have worked relentlessly on the preparation for this lawsuit which seeks to compensate Spyker and Saab for the massive damages we have incurred as a result of GM's unlawful actions.
“We owe it to our stakeholders and ourselves that justice is done, and we will pursue this lawsuit with the same tenacity and perseverance that we had when we tirelessly worked to save Saab Automobile, until GM destroyed those efforts and deliberately drove Saab Automobile into bankruptcy.”
GM spokesman Dave Roman said, "We have reviewed the complaint, and it is completely without merit. We will vigorously defend the company against these baseless allegations."
This story originally appeared at AutoWeek.com.
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