NEW YORK –  Porsche Automobil Holding SE on Thursday won the dismissal of a New York lawsuit by 26 hedge funds that accused the German automaker of deceptive manipulation of the market for Volkswagen AG shares in 2008.

A five-justice panel of the New York state appeals court in Manhattan unanimously found that Porsche had met its "heavy burden" to establish that the state was the wrong place in which to bring the lawsuit.

(Reporting by Jonathan Stempel in New York; Editing by Maureen Bavdek)