Spyker files $3 billion lawsuit; claims GM drove Saab into bankruptcy

By Caroline Salls

Pittsburgh, Aug. 6 - Spyker NV has filed a complaint against General Motors Co. in the U.S. District Court of the Eastern District of Michigan, seeking redress for allegedly unlawful actions GM took to avoid competition with Spyker's 100% subsidiary Saab Automobile AB in the Chinese market, according to a news release.

As previously reported, Saab was declared bankrupt on Dec. 19, 2011.

Spyker said GM intended to drive Saab Automobile into bankruptcy.

Specifically, Spyker alleged that GM tortiously interfered with a transaction between Saab Automobile, Spyker and Chinese investor Youngman that would have permitted Saab Automobile to restructure and to remain a solvent, going concern.

According to the release, the monetary value of the claim is $3 billion.

Since Saab Automobile is in receivership and incapable of contributing to the costs of litigation, Spyker said it and Saab Automobile have entered into an agreement under which the parent company will bear the costs of the litigation in exchange for a very substantial share of Saab Automobile`s potential award.

Spyker said it has secured the financial backing required to see the lawsuit through to the end from a third party investor.

"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," Spyker chief executive officer Victor R. Muller said in the release.

"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."

Saab is a Trollhattan, Sweden-based car manufacturer.

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