BERLIN — Almost 300 institutional investors in Volkswagen have filed a multi-billion euro suit against the carmaker for what they see as breaches of its capital markets duty within the emissions scandal, what the law states firm representing them said.
The lawsuit, for damages of three.256 billion euro (US$3.61 billion), was filed in a regional court in Braunschweig in VW’s home state of Lower Saxony on Monday and it is being through 278 investors throughout the world, including German insurers and U.S. pension fund Calpers.
Law firm TISAB said the lawsuit was over whether VW neglected its duty towards the capital markets concerning the timeframe between June 2008 and Sept. 18, 2015.
A spokesman for VW said the carmaker couldn’t comment because it was not sent the suit.
Related
- Volkswagen AG says its top U.S. executive is stepping down immediatelyWhy the Volkswagen marque, and all sorts of it once represented, may be destined for the scrap heap
-
-
-
Volkswagen earlier this month published a merchant account of the events leading to the violation of U.S. emissions law being publicly announced through the U.S. Environmental Protection Agency.
The law practice has also filed a motion for a so-called model claims, a German legal procedure which – for insufficient U.S. style class-action lawsuits – uses court rulings won by individual investors as templates to set damages for other people which are equally affected.
“Because of the fact that – according to our information and experience – Volkswagen AG persistently denies any settlement negotiations as well as refuses to waive the statute of limitation defense until now, it was essential to file this first multi-billion euro lawsuit,” lawyer Andreas Tilp said in a statement.
Tilp in October filed a case with respect to retail investors.
? Thomson Reuters 2016
