A federal judge has tossed out a lawsuit seeking $3 billion in damages from General Motors, accusing the U.S. giant of taking illegal steps that ultimately led to the failure of Swedish automaker Saab.
The suit was filed last August by Spyker cars, the Dutch firm that bought Saab from GM in 2010. Spyker’s effort was soon revealed to be underfunded and it quickly went looking for outside investors, including several Chinese companies that were interested in taking a stake in Saab or perhaps taking over the failing Swedish maker. But GM blocked the sale by refusing to allow Saab to transfer its intellectual property to the Chinese.
Saab’s only products, at the time, had been developed by GM and largely used the U.S. maker’s components.
“General Motors had a contractual right to approve or disapprove the proposed transaction,” declared U.S. District Court Judge Gershwin Drain, following a hearing in Detroit. “The court is going to grant a motion to dismiss the matter.”