General Motors Co. was hit with a $3 billion lawsuit by Dutch automaker Spyker, saying the U.S. automaker blocked the sale of Saab Automobile to Chinese buyers.
The suit alleges GM, which sold its struggling Swedish car unit for $74 million in February 2010 to Spyker, forced Saab into bankruptcy in December 2011, the Detroit Free Press reported Monday.
In 2011, Saab tried to sell itself to Chinese investors in a move to raise funds to survive. The deal was blocked by its former parent company, GM, which provided key technology to Saab.
GM cited intellectual property concerns as its reason for not favoring the move.
Spyker and Saab Automobile entered an agreement in which Spyker agreed to bear the cost of suing GM in exchange for a substantial share of Saab Automobile's award if the litigation is successful, the Free Press said. Spyker said it secured the necessary financial backing 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," said Spyker Chief Executive Officer Victor Muller. "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."